Average home prices in the Chicago area rose 1.1 percent from March, compared to a 2.5 percent drop the previous month.
After seven consecutive months of decline, average home prices in Chicago posted a slight uptick in April, according to the widely watched S&P/Case-Shiller home price index, released Tuesday.
Average home prices in the Chicago area rose 1.1 percent from March, compared to a 2.5 percent drop the previous month. On an annual basis, local average home prices were down 5.6 percent, making it still one of the weaker markets. Of the 20 cities included in the index, only Atlanta, Las Vegas and Phoenix had greater declines in annual pricing.
Chicago-area average condo prices also showed some improvement, rising 0.7 percent from March.
It remains a long trek toward a local recovery. Average prices on homes are at their May 2000 level, while average prices on condos in the Chicago area are near where they were at during the fall of 1999.
Last week, the Illinois Association of Realtors reported that the median price of an existing, single-family home in the nine-county Chicago area rose by $100 in May, its first improvement in 50 months.
Nineteen of the 20 metropolitan areas included in the S&P/Case-Shiller index recorded average price gains from March. Detroit was the only city to show a decline from March, while that city and New York City were the only markets with year-over-year declines.
"It has been a long time since we enjoyed such broad-based gains," said David Blitzer, chairman of S&P Indices' index committee. "While one month does not make a trend, particularly during seasonally strong buying months, the combination of rising positive monthly index levels and improving annual returns is a good sign."
Nationally, April home prices were down by 1.9 percent from April 2011 for the 20 cities included in the index. In March, home prices for the 20-city composite fell 2.6 percent on a year-over-year basis.
Average home prices in the Chicago area rose 1.1 percent from March, compared to a 2.5 percent drop the previous month. On an annual basis, local average home prices were down 5.6 percent, making it still one of the weaker markets. Of the 20 cities included in the index, only Atlanta, Las Vegas and Phoenix had greater declines in annual pricing.
Chicago-area average condo prices also showed some improvement, rising 0.7 percent from March.
It remains a long trek toward a local recovery. Average prices on homes are at their May 2000 level, while average prices on condos in the Chicago area are near where they were at during the fall of 1999.
Last week, the Illinois Association of Realtors reported that the median price of an existing, single-family home in the nine-county Chicago area rose by $100 in May, its first improvement in 50 months.
Nineteen of the 20 metropolitan areas included in the S&P/Case-Shiller index recorded average price gains from March. Detroit was the only city to show a decline from March, while that city and New York City were the only markets with year-over-year declines.
"It has been a long time since we enjoyed such broad-based gains," said David Blitzer, chairman of S&P Indices' index committee. "While one month does not make a trend, particularly during seasonally strong buying months, the combination of rising positive monthly index levels and improving annual returns is a good sign."
Nationally, April home prices were down by 1.9 percent from April 2011 for the 20 cities included in the index. In March, home prices for the 20-city composite fell 2.6 percent on a year-over-year basis.
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