According to an article from the Chicago Tribune, a new report from Standard and Poor's/Case-Shiller that was released on Tuesday found that the Windy City is still lagging behind other cities, and the national average in terms of housing market recovery. The price index indicated that prices this past November fell by 1.3 percent from the previous month and experienced the smallest positive increase on a year-to-year basis.
Here are some facts, statistics, and details about Chicago's housing market recovery from the report and what it means for the city:
* In the official report, Chicago was compared alongside 19 other cities, including New York, Los Angeles, Atlanta, Miami, San Francisco, Phoenix, Las Vegas, and Dallas.
* Between October and November of last year, housing prices dropped 1.3 percent, which was a smaller decrease than that between September and October, which experienced a 1.6 percent decrease.
* Based on the October to November change percentages, Chicago fared the worst out of any other city on the list. Boston and New York fared only slightly better whereas Phoenix and San Francisco topped the list with 1.4 percent increases.
* Chicago has also had more than six months of declining prices in the last 12 months.
* On an annual basis, home prices in Chicago rose a small 0.8 percent. The only city to do worse was New York, which saw an annual decline of 1.2 percent, and the city to have the largest recovery was Phoenix with a 22.8 percent increase.
* The Chicago Sun-Times noted that the housing market crisis hit Chicago area later than other areas of the country and the city also wasn't hit as hard.
* Additionally, the median home price rose 4.5 percent in December when compared to the same month the previous years and total sales also increased 19.2 percent in the Chicago metropolitan area over the same time frame.
* Overall, these statistics mean that the year-to-date total of homes sold in Chicago was the highest it has been in the last five years.
* The value of condominiums in Chicago fell for the second month in a row and in November, the values of these housing units fell 0.9 percent from the previous month but still increased by 2.7 percent from November of 2011.
* More than 7,000 people in the Chicago area purchased homes in December at a median price of $185,000, according to another Chicago Tribune article.
* Last month, only 8,036 properties were listed in the city, whereas 14,183 properties were listed back in December of 2011.
Rachel Bogart provides an in-depth look at current environmental issues and local Chicago news stories. Currently pursuing her master's degree in environmental science, she applies her knowledge and passion to both topics to garner further public awareness.
- Real Estate