The streak of double-digit growth in Chicago-area home values reached its 12th month, according to a national index. The value of Chicago-area homes rose by 13% in April from a year ago, according to the S&P CoreLogic Case-Shiller Indices released this morning. It’s the 12th consecutive month of growth of 10% or more, a streak that began in May 2021 with an increase of 11.1%. April’s 13% was the same as the figure for March, and both were lower than February’s 13.1%, which suggests a leveling off.
Nationwide, the S&P CoreLogic Case-Shiller Indices dipped slightly, to 20.4% in April from 20.6%. Despite the slight deceleration, “these growth rates are extremely strong by historical standards,” Craig J. Lazzara, managing director at S&P Dow Jones Indices, said in prepared comments released with the data. In the year prior to the pandemic, nationwide home prices rose by less than 4% most months and by less than 2% in the Chicago area. The pandemic housing boom set off a streak of double-digit price increases that, for the nation, hit 16 months in April.
Of the 20 major U.S. cities that the index tracks, Chicago ranked 18th for price growth in April, above only Washington (12.7%) and Minneapolis (12.3%).
Nine cities had price growth of more than 25% in April from a year earlier. Top among them were Tampa, Fla., where home prices were up 35.8% in April, and Miami, up 33.3%.