Case Shiller: Chicago Area Home Prices Still Rising

Case Shiller: Chicago Area Home Prices Still Rising

Chicago home prices are growing nicely but stilllag the rest of the country by a lot

Homes are currently a better investment than the stock market. At least that’s the way it still looks based on this morning’s S&P Dow Jones CoreLogic release of the May Case Shiller home price indices for the nation, including the Chicago area. The nation’s home prices advanced 19.7% for the 12 month period. Although that’s down slightly from April’s 20.6% that’s still very high considering that mortgage rates were already on the way up during that 3 month period for which the data is averaged. Craig J. Lazzara, Managing Director at S&P DJI, is still saying that higher mortgage rates will surely kill the party at some point. Maybe he’s right but we’re not seeing it yet.

Home prices in the Chicago area were up 12.9% for the same period, which is about where it was the last two times the data was released. Again we are towards the bottom of the ranking of the 20 largest metro areas – third from the bottom this time. But at least we’ve had 13 consecutive months of double digit price increases.

Interestingly, condo price appreciation is actually accelerating after lagging single family home appreciation for about 3 years. Well, it’s still lagging but May was the 7th month in a row with higher year over year appreciation – 7.3%. That’s also the highest rate in almost 8 years. You can see what’s going on in the graph below.

Chicago area single family home prices have shown annual gains for 115 consecutive months.

Case Shiller Chicago Area Home Price Index By Month

The graph below shows the Chicago Case Shiller numbers for both single family homes and condos going back to 1987. You can clearly see how single family home prices really started to take off in late 2020 with condo prices just now taking off. Single family homes rose 1.8% in May from April while condo prices were up 1.7%.

I also added a red single family trend line based on the pre-bubble values that we had been falling further behind from until the recent price surge when that gap started to close. Currently we are 15.9% below that line.

Single family home prices have risen 79.5% from their bottom while condo prices have risen 73.1%. Both indices have finally surpassed their bubble peak with single family homes exceeding it by 9.4% and condos exceeding it by 4.6%

The Chicago area real estate market finally surpassed bubble peak prices in August 2022.

#ChicagoHomePrices #CaseShiller #HomePrices

Gary Lucido is the President of Lucid Realty, the Chicago area’s full service real estate brokerage that offers home buyer rebates and discount commissions. If you want to keep up to date on the Chicago real estate market or get an insider’s view of the seamy underbelly of the real estate industry you can Subscribe to Getting Real by Email using the form below. Please be sure to verify your email address when you receive the verification notice.

Enter your email address:Delivered by FeedBurner
Advertisement:
Advertisement:

Welcome to ChicagoNow.

Meet
our bloggers,
post comments, or
pitch your blog idea.

Getting Real On Facebook

Subscribe To Getting Real

 RSS Feed

Enter your email address:

Delivered by FeedBurner


Google

Meet The Blogger

Gary Lucido

After 20 years in the corporate world and running an Internet company, Gary started Lucid Realty with his partner, Sari. The company provides full service, while discounting commissions for sellers and giving buyers rebates.

Recent posts

Case Shiller: Chicago Area Home Prices Still Rising »

Gary Lucido on Getting Real
Posted today at 2:17 pm

No Sign Of A Surge In Chicago Foreclosure Activity »

Gary Lucido on Getting Real
Posted July 18, 2022 at 7:30 am

Chicago Real Estate Market Update: June Sales Finally Take A Hit »

Gary Lucido on Getting Real
Posted July 12, 2022 at 7:30 am

Case Shiller: Chicago Area Home Prices Not Yet Affected By Higher Mortgage Rates »

Gary Lucido on Getting Real
Posted July 1, 2022 at 7:40 am

Chicago Foreclosure Activity: Back To Normal »

Gary Lucido on Getting Real
Posted June 27, 2022 at 7:27 am

Featured Posts

How Realtor’s Lie To Get Your Business
The #1 Myth About Selling Your Home
The #2 Myth About Selling Your Home

Tags

market conditions (593)
Chicago home prices (242)
Case Shiller index (155)
Chicago foreclosures (140)
Chicago monthly real estate market update (93)
industry issues (92)
real estate agents (66)
Chicago real estate market (64)
foreclosures (60)
Neighborhood news (59)

Monthly Archives

July 2022
June 2022
May 2022
April 2022
March 2022
February 2022
January 2022
December 2021
November 2021
October 2021
September 2021
August 2021
July 2021
June 2021
May 2021
April 2021
March 2021
February 2021
January 2021
December 2020
November 2020
October 2020
September 2020
August 2020
July 2020
June 2020
May 2020
April 2020
March 2020
February 2020
January 2020
December 2019
November 2019
October 2019
September 2019
August 2019
July 2019
June 2019
May 2019
April 2019
March 2019
February 2019
January 2019
December 2018
November 2018
October 2018
September 2018
August 2018
July 2018
June 2018
May 2018
April 2018
March 2018
February 2018
January 2018
December 2017
November 2017
October 2017
September 2017
August 2017
July 2017
June 2017
May 2017
April 2017
March 2017
February 2017
January 2017
December 2016
November 2016
October 2016
September 2016
August 2016
July 2016
June 2016
May 2016
April 2016
March 2016
February 2016
January 2016
December 2015
November 2015
October 2015
September 2015
August 2015
July 2015
June 2015
May 2015
April 2015
March 2015
February 2015
January 2015
December 2014
November 2014
October 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
December 2010
November 2010
October 2010
September 2010
August 2010
July 2010
June 2010
May 2010
April 2010
March 2010

Blogroll

Getting Real’s favorite blogs

Crib Chatter
Real Estate Decoded
Smart Mortgage Advice
The Real Deal – Chicago

Read these ChicagoNow blogs

Cubs Den

Chicago Cubs news and comprehensive blog, featuring old school baseball writing combined with the latest statistical trends

Pets in need of homes

Pets available for adoption in the Chicago area

Hammervision

It’s like the couch potato version of Mr. and Mrs. Smith.
Advertisement:

About ChicagoNow

FAQs

Advertise

Recent posts RSS

Privacy policy (Updated)

Comment policy

Terms of service

Chicago Tribune Archives

Do not sell my personal info

©2022 CTMG – A Chicago Tribune website –
Crafted by the News Apps team

Read More

Leave a Comment

Your email address will not be published.