Case Shiller: Chicago Area Falls To Last Place In Home Price Gains

Case Shiller: Chicago Area Falls To Last Place In Home Price Gains

The month-over-month percentage increase was the same as the April rise. At the same time, the number of homes sold annually is 20 percent less than in that era, and the supply of homes for sale has shrunken to a four-month supply.

On a non-seasonally adjusted basis, prices increased 0.8 percent from April.

On a month-over-month basis, the National Index was up 1.0% in May, with the 10-City Composite posting a 0.7% increase and 20-City Composite advancing 0.8% increase.

Seattle, Portland, and Denver led the way with the highest year-over-year gains among the 20 cities.

Unlike the earlier period when rising prices were nearly universal, increases vary across the country.

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The S&P CoreLogic Case-Shiller national home price index rose to a sixth consecutive record high in May, up 5.6% to 190.61. Chicago condo prices did a little better with a 4.0% gain over previous year but that's still the lowest gain in 6 months.

"Housing is not repeating the bubble period of 2000-2006 - price increases vary across the country unlike the earlier period when rising prices were nearly universal, the number of homes sold annually is 20 percent less today than in the earlier period and the months' supply is declining, not surging", Blitzer said "The small supply of homes for sale, at only about four months' worth, is one cause of rising prices".

Seattle and Portland have seen the biggest increase in home prices among 20 of the largest metropolitan areas nationwide.

That's according to the most recent Case-Shiller National Home Price report, which takes the temperature of the nation's housing market each month. The group's national index climbed 5.6% from a year ago, equal to the annual growth of the prior month. Nationally, the figure is 64 percent. He pointed to scarce listings and relatively meager new construction as causes for price hikes - factors that real estate groups have been bemoaning for more than two years.

Even cities that have shown the highest rate of home price growth are showing signs of slowing.

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