Home prices in the Chicago area eked out a sixth consecutive month of ever-so-small improvement in August, putting them on par with the market’s health in early 2003, according to the widely watched Standard & Poor’s/Case-Shiller Home Price Indices, released Tuesday.
In August, Chicago-area home prices on a non-seasonally adjusted basis rose 0.4 percent, after a 1 percent uptick in July, according to the index. Still, prices are down 2.9 percent from a year ago. Chicago was one of only five cities, the others being Detroit, Las Vegas, New York and Washington D.C., that saw marginal improvements in home prices from July. August condo values in Chicago fell 2 percent from July.
On a national level, the index saw annual growth rates decelerate in 17 of the 20 metropolitan areas. “The housing market continues to bounce along the recent lows,” said David M. Blitzer, chairman of the index committee at Standard & Poor’s.