While the housing recovery has been, for the most part, nationally comprehensive, certain markets have become notable outliers. I’ve written previously about regions where housing prices and sales have picked up with exceptional speed. California and the metro around Los Angeles and greater San Francisco have both recuperated swiftly, often to the point of raising greater concerns. In other circumstances, the recovery is less worrisome, as previously troubled areas are witnessing a rise in home prices that could help stabilize the local economy.
That being said, one of America’s most powerful cities is carrying a housing market that still drags its feet. As noted in a new report from ChicagoNow, the Windy City’s local housing market is experiencing significant slowdown. While home prices in the Chicago metro rose markedly throughout the recovery, they didn’t ascend to the pronounced heights of those seen throughout the West Coast or Washington, D.C. for example. Taking note that Chicago’s home prices aren’t likely to experience a marked dip anytime in the near future, price gains appear to be stalling.
Citing figures taking from the ChicagoNow report, October posted the weakest growth in twenty months. This marks, with some room for argument, the slowest month since America’s housing market began effectively turning the corner. Granted, home sales are still 10.8% above what they were in October 2012, so the local housing market is keeping a stable economic momentum. However, a period of cooling in the sales field appears to be on the horizon.
This is not too dissimilar from what is occurring in certain other prominent American metros. As I noted in a post later last month, we may be nationally transitioning away from a seller’s economy to more of a buyer’s market. As the ChicagoNow report points out, the slowdown in housing …read more