Home Price Appreciation Slowing Throughout Chicago Area
Home appreciation in the Chicago area is beginning to more closely follow trends seen around the rest of the nation. Dow Jones S&P CoreLogic just came out with its November Case Shiller home price indices, and it indicates a further slowing of price appreciation in the Chicago area as well as the rest of the nation.
Year-over-year appreciation for single-family homes in the Chicago index slowed to 3.1-percent in October. The 10 city composite index, meanwhile, fell to 4.3-percent, while the 20-city composite slowed to 4.7-percent. Nationwide, it slowed slightly from October’s 5.3-percent to November’s 5.2-percent.
While the Chicago area maintains a spot close to the bottom in single-family home price appreciation for the 20 metro areas, the rest of the U.S. is slowing down even more, narrowing the gap between Chicago and the rest of the nation. As for Chicago area condos, the year-over-year price appreciation slowed to 1.6-percent in November from 2.6-percent the previous month.