CHICAGO, IL- Although home prices throughout most American cities continued to increase, Chicago's recovery remains somewhat slower than the national average of other metro areas, according to the S&P/Case-Shiller Home Price Indices, released yesterday by S&P Dow Jones Indices. Average home prices in the 20 cities studied increased 8.1% from January 2012 to January 2013, but Chicago's average only increased 3.3%, the smallest gain of any city except New York.
Other Midwestern cities included in the study were Detroit, Cleveland and Minneapolis. Both Detroit and Minneapolis posted double-digit gains. But the housing bust knocked the Motor City's prices into such a deep trough they had nowhere to go but up. Average home prices there increased 13.8% to slightly more than $80,000, still the lowest of all the cities. Minneapolis' average rose 12.1% and even Cleveland's mediocre 4.8% bested Chicago.
Still, from a national perspective, the numbers were quite positive. All 20 cities posted gains and Phoenix led the way at 23.2%.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
