Good News for Chicago and the economy, rising home values help hospitality and all business

Home prices show biggest annual jump since 1988

January 28, 2014

Chicago-area single-family home prices jumped 11 percent in November compared with the same month last year, the biggest yearly local increase in almost 15 years, according to closely watched data.

The annual local increase was the highest since December 1988, according to a statement with the S&P/Case-Shiller indices released today.

Year-over-year local prices showed a similar jump in October.

The S&P/Case-Shiller 20-city index rose even more, with November prices up 13.7 percent over the same month the previous year.

Compared with October, prices fell 1.2 percent in Chicago, the biggest drop among the 11 of the 20 cities that saw a decrease. The 20-city index showed a 0.1 percent drop from October.

“Despite the slight decline, the 10-city and 20-city (indexes) showed their best November performance since 2005,” David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a statement. “Prices typically weaken as we move closer to the winter.”

On a seasonally adjusted basis, Chicago-area local prices rose 0.8 percent in November compared with October. The 20-city index rose 0.9 percent.

Local prices are down about 25 percent from their peak in September 2006, according to S&P/Case-Shiller data.  Source:  Crain’s Chicago Business.

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