Local, Chicago home prices up for the 5th straight month!

Local home prices up for 5th month

Nov. 24, 2009

(AP) — An index of local home prices rose for the fifth straight month in September, further evidence that the housing market recovery is continuing.

The Standard & Poor’s/Case-Shiller home price index for the Chicago area increased 1.1 percent from August on a seasonally adjusted basis. Local prices were still 10.6 percent below their level in September 2008, according to a report released Tuesday by Standard & Poor’s.

An index of 20 major cities, meanwhile, rose a seasonally adjusted 0.3 percent in September from the prior month. Prices rose month-over-month in 11 metro areas, a weaker showing than in recent months.

Compared with a year earlier, prices were down 9.4 percent, the smallest year-over-year decline since January 2008.

“We have seen broad improvement in home prices for most of the past six months,” David M. Blitzer, chairman of the Standard & Poor’s index committee. “However, the gains in the most recent month are more modest than during the seasonally strong summer months.”

Prices, as measured by the seasonally adjusted 20-city index, are up more than 3 percent from the bottom in May. But they are still down 30 percent from the peak in April 2006….

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