Tuesday, November 16, 2010

Forbes, Case -Shiller report: Chicago's rising home prices among the few

In case you missed it, Forbes reported earlier this month on five major cities with housing price increases for five consecutive months. Chicago saw home pricing gains, even in July and August... tough months after the federal tax credit expiration date.

After a Monday around here with a fender bender (taxi cab), a boiler malfunction and a little sewer back-up in the basement, we figured we'd post a little good news on a Tuesday.

From Forbes: Where Housing Prices Are Rising
Only five big U.S. cities saw housing prices rise in August, according to the latest data published by the S&P/Case-Shiller home price index. But four of those cities have posted at least four consecutive months of positive home price increases.

Washington D.C.
In the nation's capital, housing prices have increased for five straight months. According to the S&P/Case-Shiller index, housing prices in Washington, D.C., have risen 4.8% in the last year, with monthly increases of 0.3% in August and a full 1% in July.

New York
The nation's biggest metropolitan area has seen four months of home price improvements, going up 1.2% in July and 0.2% in August. Home prices in New York have risen by 2.9% over the last year.


Chicago's residential real estate market may be rebounding. Home prices in Chicago remain 2.9% below where they were one year ago, but home prices here have risen for five straight months, and were up 1% in July and 0.4% in August, the S&P/Case-Shiller index shows.

San Francisco
Another California housing market that appeared to be recovering nicely, but then suddenly fell by 0.3% in August. Home prices have still been boosted by 7.8% over the last year, more than any other city tracked by the S&P/Case-Shiller index.

Los Angeles
L.A. home prices are up a nice 5.4% in the last year, but cooled off a bit in August, dropping 0.4%.

You know us and we are not doing a happy dance. However, it may mean that more desirable properties are becoming available to the market rather than just the distressed, second tier variety dragging down average and median prices. Certain sellers with good product may be finally ready to go.

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