Case-Shiller: Home price growth still sluggish in Chicago
Home values in the Chicago market rose in December. But they didn’t rise by much, especially when compared to the price growth other major cities saw in the same month.
That’s according to the latest S&P CoreLogic Case-Shiller Indices. Crain’s Chicago Business reported that Chicago tied for New York City for the slowest home price growth in December of last year among the 20 big cities that the Case-Shiller Indices track.
According to the indices, single-family home values in Chicago and New York both rose 1 percent in December when compared to the same month one year earlier. Crain’s reported that these two cities were the only ones studied by the indices that saw home price growth below 2 percent in December.
December continued a long streak of sluggish home price growth for Chicago. According to the Crain’s story, during the three months prior to December, Chicago’s home price growth was between 0.4 percent to 0.6 percent. As the story rightly points out, that’s essentially flat.
Across the nation, home prices grew by an average of 3.8 percent in December, according to Case-Shiller. That’s nearly four times stronger than the growth in the Chicago market.
Among the big cities that the indices cover, Phoenix saw the biggest home price growth in December. Home prices here rose 6.5 percent in December compared to the same month a year earlier.
And if you bought a home in Chicago in 2006? The odds are high that it’s still worth less than what you originally paid for it. According to the Crain’s story, Chicago-area home prices are still nearly 13 percent lower than they were in September of 2006, the peak month for local home prices.