Single-Family Home Prices Rise

Increase is the first in nine months

By Robert Rodriguez
|  Tuesday, Jul 26, 2011  |  Updated 7:19 PM CDT
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After nine months of decreases and stagnant movement, Chicago's home prices increased slightly for the month of May according to newest data released by a popular price index.

The Standard & Poor's/ Case Shiller Home Price Index revealed a 1.7 percent increase from the month of April to May for single-family homes, complying with the expected season surge that often begins in May and leads into the summer, reports the Chicago Tribune.

The numbers are still 8.1 percent down from a year ago and more on par with the prices seen in May 2001.

Area condos rose 2.9 percent from April to May, according to the same index. May's condo prices compare with levels from the mid-2000s.

According to the S & P/ Case Shiller Index, prices roses from month to month for the second consecutive month in May in 16 of the 20 cities indexed. Detroit, Las Vegas and Tampa showed price declines, and Phoenix's prices remained unchanged.

Still, some consider the findings to be an insufficient indicator of the true direction for home market prices, calling for increases over several month and better annual results before jumping to any major conclusions.

A report issued by house data provider CoreLogic showed that the Chicago area has a large supply of almost 30 months' worth of distressed homes. Distressed properties are sold at a substantial discount and push down home market prices. Distressed homes also constituted 34 percent of the market in April.

Nonetheless, upward movement is better than the alternative.

The Illinois Association for Realtors, the state's largest real estate trade association who misreported Chicago median home prices earlier this month, reported a 12.7 increase in home sales for June, but the numbers still remain 16.3 percent lower than in June 2010, according to a report by The Huffington Post. IAR also reported a 7.1 percent increase in statewide median price, a 11.7 decrease compared to last June.  

A report issued by house data provider CoreLogic showed that the Chicago area has a large supply in almost 30 months' worth of distressed homes. Distressed properties are sold at a substantial discount and push down home market prices. Distressed homes also constituted 34 percent of the market in April.
 

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