For quite some time now the Case Shiller Chicago home price index has been signaling pretty anemic year over year price gains – 20 months at or below 3%, which is well below the historic averages for Chicago and the rest of the country as well. However, lately it looks like the effects of our extraordinarily low home inventory levels have been starting to have a greater impact. This morning’s release of the May SP CoreLogic Case Shiller indices showed the largest year over year gain for single family homes in 22 months at 3.7%. However, that still leaves Chicago ahead of only 3 cities out of 20 total.
Chicago condo prices registered a slightly stronger year over year gain of 3.9%, which was actually lower than last month’s 4.0%.