NiKo Collaborative

Chicago-area home prices are defying the weakness in the U.S. housing market, rising at about twice the rate of inflation and four times the nationwide growth in home prices.

While that's disconcerting news for people who are trying to buy a home, it's also a sign of stamina in Chicago at a time when other big-city housing markets are losing steam.

Home prices in the Chicago area were up 5.83% in October from a year earlier, according to S&P CoreLogic Case-Shiller Indices data released today. It's the highest figure reported for 19 major U.S. cities (ordinarily there are 20, but the index reported it was not able to gather complete October data for Detroit).

It's also more than four times the growth in prices nationwide, which was 1.36%, according to the index.

While the shutdown of the federal government in the fall means no nationwide inflation figure was reported for the month, the Bureau of Labor Statistics reported that in the Chicago area, the Consumer Price Index was up 2.9% in September and 2.5% in November. Thus, it seems safe to say Chicago's 5.83% increase in home prices was around twice the rate of inflation, and likely more than twice.

Read more here: https://www.chicagobusiness.com/residential-real-estate/chicago-home-prices-fastest-rising-us-outpace-inflation?utm_source=facebook&utm_medium=soc-own