Chicago Home Prices May Actually Be Declining

Boystown, Chicago - Apple MapsFor some time now Chicago has been bouncing around near the bottom of the 20 metro areas tracked by Case Shiller in terms of year over year single family home price gains. With this morning’s release of the September Case Shiller home price index we ended up dead last with only a 1.1% gain.

The next lowest metro area was Washington with a 2.1% gain. At the other end of the spectrum were metros like San Francisco (of course) and Denver with 11.2% and 10.9% gains respectively. And, heck, Detroit turned in a 5.6% gain. Will we ever have our day in the sun?

The graph below shows the long term trend in year over year gains. The good news is that condo prices are still showing much healthier year over year gains at 3.6% but that is the lowest number in 9 months.

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Authored By Gary Lucido
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