June Chicago Home Prices Up 3.2%
The price of Chicago real estate went up again in June, just like it did the previous month. The increase was nominal at 3.2% but it is the second month in a row we’ve seen a rise in month-to-month home prices for the Chicago-land region.
The data comes from the latest S&P/Case-Shiller Home Price Index, which was released this week. The price index is considered one of the most credible monitors of the national housing market. It samples the country’s largest metropolitan areas for a look at what’s happening around the nation as well as a glimpse of local residential real estate markets.
In Chicago, the news is promising for the short-term however year-over-year prices are still at mid-2001 levels. But considering the improvement from May (2011) to June (2011), home values are doing better for all price ranges. When broken down, there were 6.5% more homes sold for under $162,138 in June than May; the mid-price point (between $162,138 and $275,128) had a 1.8% gain; and transactions of $275,128 or more rose 2.9% from May to June—according to the S&P/Case-Shiller index.
The Chicago condos market had even more positive numbers with its fourth month of price gains in a row. The typical price of a condo unit went up 4.3% from May to June, although it is about on par with what buyers were paying in April of 2001.
Local real estate agents assert that these short-term upticks in home values are encouraging, especially in certain Chicago neighborhoods. Some communities have even shown yearly improvements on the housing front. Places like Lakeview and Hyde Park experienced major jumps in both year-over-year condo price and condo sales in July, according to statistics pulled from the Midwest Real Estate Data LLC early this month. Median price climbed 19% and number of transactions soared 33% from July 2010 for condos in the North Side neighborhood of Lakeview. Similarly, condo sales practically doubled in the South Side’s Hyde Park neighborhood while median price crept up 3.7% from the same month a year ago.
forward mortgage applications guide : “A complete guide for various applications of mortgage.”