Increasing home prices in Chicago mark some of the highest increases in the country. That’s according to the most recent S & P Case-Shiller Home Price Indices released for the period of June to July of this year. According to the report, the Chicago area came in at number two when it comes to the nation’s strongest monthly increases, trailing only behind Portland.
While Chicago home prices rose 0.9-percent during this period, Portland’s increase stood at 1.2-percent. Both cities are above the national average of 0.7 percent. Taking a closer look at year-over-year changes for Chicago the rate rose at 3.7 percent, lower than many other big cities including Atlanta, Boston, Dallas and Denver.
Expanding the results to the rest of the nation, The National Home Price Index was up 5.1 percent in June, year-over-year. While the 10- and 20-City Composites were up nationally for June, the results showed a slight downturn nationally for the 10-City Composite when taking into account seasonal adjustments.
Some experts maintain even though home prices are rising, it’s unlikely the market is currently at risk of entering a housing bubble.