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

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.

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