Chicago-area home prices on the rise for fourth straight month

September 25, 2012

Scott Kanowsky

Home prices in the Chicago metropolitan area rose for the fourth straight month from June to July, according to the most recent S&P/Case-Shiller Index.

In September, Chicago-area home rose for the fourth straight month.

Data from the most recent S&P/Case-Shiller Index shows local prices ticked up nearly three percent from June to July.

Prices rose 4.6% from May to June and 4.5% from April to May--along with almost a percent increase from March to April. These figures are not adjusted on a seasonal basis.

Illinois Association of Realtors President Loretta Alonzo said the region-wide increase is mostly driven by prices in the city of Chicago.

"The city properties have a tendency to sell for higher prices than in some of the suburban areas, so I think when you take the whole thing as a big picture and you isolate Chicago from that, you’ll have Chicago higher," Alonzo said, adding that she expects to see a continuing rise in prices.

Still, Chicago-area home prices remain about 0.9% lower than this time last year--meanwhile, Case-Shiller numbers place nationwide average prices approximately 30% below the peak reached in 2006.