Why Chicago's sluggish housing market could be a good thing | South Salem Real Estate

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In the home price race, Chicago is pulling up the rear, but it's one step ahead of New York.

An index of Chicago-area single-family home values rose 3.9 percent per year from June 2011 through June of this year, according to the S&P/Case-Shiller Home Price Indices. That was the ninth-smallest increase among the 10 U.S. metro areas in Case-Shiller's 10-city composite index.

San Francisco had the biggest three-year annualized gain, 13.1 percent, followed by Las Vegas, 12.2 percent, and Miami, 10.2 percent.

While modest growth may irritate homeowners in the Chicago area, where the Case-Shiller index is still 23 percent below its September 2006 peak, it isn't such a bad thing if you're not a seller.

“If you want to sell your house and move to the Sun Belt, you're probably frustrated,” said David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices. On the other hand, “you're not pricing people out of housing as fast as a place like San Francisco, where it's crazy.”

The Case-Shiller index is considered the most reliable measure of movement in home values because it tracks repeat sales of the same properties, as opposed to median or average prices, which can change based on the mix of homes sold from one period to the next. Though the Chicago-area index has bounced back the past couple years, the rate at which prices are rising has slowed down in recent months.


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