Chicago home prices rise for 3rd straight month
(Crain's) — A closely watched index of local home prices rose in July, its third straight monthly increase, with prices here close to where they were in early 2002.
The Standard & Poor's Case-Shiller index of Chicago-area single-family home prices rose 1.9% from June to July but was still down 6.6% from the year-earlier level, according to a report released Tuesday. The index rose 3.2% from May to June and 1.7% from April to May, which was first monthly gain since last August.
Chicago was one of 17 of 20 cities tracked by Standard & Poor's where prices rose in July; a 20-city composite price index increased 0.9% from June, according to the report.
“With July's data we are seeing not only anticipated monthly increases, but some fairly broad improvement in the annual rates of change in home prices,” David M. Blitzer, Chairman of S&P Indices' index committee, said in a statement.
But he added in the statement that “While we have now seen four consecutive months of generally increasing prices, we do know that we are
still far from a sustained recovery."
The Chicago-area price index is down 30% from its peak in September 2006 and is back where it was in March 2002.
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