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Chicago home prices decline by 2.3% year over year

Posted by: John S. Osga - 12/28/2007 1:09:29 PM

The Chicago residential real estate market saw home prices decline by 2.3% from October 2006 to October 2007. The 2.3% decline was not too bad considering that once red-hot markets like those in California, Nevada, and Florida saw some area's lose as much as 11% during the October 2006 to October 2007 period. The above figures prove again that real estate is local and focusing on the markets trends from a national level do not make much sense. Chicago was down 2.3%, but that is a good market considering some of the markets that were down more than 10%. Chicago was not a good market when you factor in that last year parts of the South Carolina area and Hawaii were up by more than 10%. If you are considering purchasing a home, know your markets local conditions. Do not rely on any national figures, they will not give you an accurate indication of what you need to know. You can look at Chicago Real Estate <a href=/re/dream_seekers/>here</a>.

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