Chicago area home prices declined in November for the third consecutive month, according to the widely watched S&P/Case-Schiller index.
Prices fell 1.3 percent from October to November, the steepest decline among the 20 cities listed in the index. The latest drop came after prices dipped 1.6 percent from September to October and 0.6 percent from August to September.
It was Chicago’s sixth decline in the past 12 months, though prices over the past year have increased slightly by 0.8 percent. Only New York has fared worse among the index’s 20 cities with prices falling 1.2 percent in the last year, according to the recently released report.
The news comes just a week after the Illinois Association of Realtors reported that existing home sales in Chicago jumped 14.6 percent to 1,806 in December, versus 1,576 in the same period in 2011.
The release of that data was cheered but the S&P/Case-Schiller report shows Chicago’s housing market is still battling a stiff headwind.
Chicago’s 1.3 percent price decline in November was the biggest among the index’s 20 cities. Prices rose in 10 cities and fell in 10 such as New York, where prices dipped 1.1 percent and Cleveland where prices fell 0.8 percent.
“The November monthly figures were stronger than October, with 10 cities seeing rising prices versus seven the month before.” says David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “Phoenix and San Francisco were both up 1.4% in November followed by Minneapolis up 1.0%. On the down side, Chicago was again amongst the weakest with a drop of 1.3% for November.
On a seasonally adjusted basis, Chicago’s prices in November were relatively flat, increasing just 0.1 percent, according to the monthly report.