Home price recovery in Chicago area trails nation
BY FRANCINE KNOWLES Business Reporter email@example.com January 29, 2013 9:52AM
Updated: March 2, 2013 6:45AM
Home prices in the Chicago metropolitan area turned in the worst performance in the latest Standard & Poor’s/Case-Shiller home price index, rising 0.8 percent in November from a year earlier and sliding 1.3 percent from October.
Year-over-year nationally, prices rose 4.5 percent in the 10-city composite and 5.5 percent in the 20-city composite.
Prices slid 0.2 percent in the 10-city composite from October, and the 20-city composite edged down 0.1 percent.
The housing crisis hit the Chicago area later and wasn’t as deep as other parts of the country. Recovery here has lagged as well, but it is under way. The latest report from the Illinois Association of Realtors released last week showed the median price rose 4.5 percent in December from a year earlier and sales spiked 19.2 percent, bringing the year-to-date total of homes sold to the highest level in five years.
The S&P/Case-Shiller report showed prices rose year-over-year in all 20 cities in the indices, except New York.
“Housing is clearly recovering,” David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a statement. “Prices are rising as are both new and existing home sales.”
Existing home sales in November were 5 million, the highest since 2009, and new home sales wee a 398,000, the highest since June 2010, Blitzer noted, adding, “These figures confirm that housing is contributing to economic growth.”
Phoenix and Las Vegas, among the worst areas hit by the housing crisis, are staging strong comebacks, the report showed. Prices in Phoenix rose 22.8 percent year-over year, and prices in Las Vegas rose 10 percent. In Detroit, prices rose 11.9 percent, and in Miami, they were up 9.9 percent.