New data indicates Chicago’s real estate market was already struggling at the beginning of the year, before the coronavirus outbreak, which is likely to cause further damage.
In January, Chicago-area home price growth slowed to less than one-sixth of the U.S. figure, according to the S&P CoreLogic Case-Shiller Indices cited by Crain’s. The local figure was consistently about half the national figure for much of the last two years.
During the first month of 2020, the region’s single-family home values rose 0.6 percent compared to last January, while they were up 3.9 percent nationwide. For about five months, the Chicago figure has remained nearly the same at around 0.5 percent, while the national figure increased each month, Crain’s reported.
Almost all 20 of the major U.S. cities tracked by the indices saw home values grow by at least 2.5 percent, except Chicago and New York, which were both below 1 percent.
In January, home values in the Chicago area were 13 percent below their 2006 peak, while home values nationwide were 16 percent above the peak, the report said.
[Crain’s] — Brianna Kelly