CHICAGO- Although home prices throughout most American cities continue to increase, Chicago's recovery remains 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 9.3% from February 2012 to February 2013, but Chicago's average only increased 5.1%, the smallest gain of any city except New York. From January to February, Chicago prices declined 0.8%, even though the 20-city average was a 0.3% increase. However, on a seasonally-adjusted basis, Chicago prices rose 1.2%.
Other Midwestern cities included in the study were Detroit, Cleveland and Minneapolis. Both Detroit and Minneapolis posted double-digit year-to-year gains. But Detroit suffered more from the housing collapse than other cities, and prices there only reached a little more than $80,000, still the lowest of all the cities. Minneapolis' average rose 12.0% and even Cleveland's mediocre 5.3% bested Chicago.
Still, from a national perspective, the numbers were quite positive. All 20 cities posted gains and Phoenix led the way at 23.0%.
"Home prices continue to show solid [year-to-year] increases across all 20 cities,” says David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices, in an announcement. "The 10- and 20-City Composites recorded their highest annual growth rates since May 2006; seasonally adjusted monthly data show all 20 cities saw higher prices for two months in a row-the last time that happened was in early 2005.”
For more information on the S&P/Case-Shiller Home Price Indices go to www.housingworks.com.
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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.
