March 29--Home prices in the Chicago area slipped 0.4 percent in January, slightly less than the 0.5 percent drop in December, while the overall U.S. real estate market has been flat, according to a housing index released Tuesday.
It was the fifth straight monthly decline for the local S/Case-Shiller index.
Of 20 major U.S. markets, Chicago was among eight seeing decreases in housing prices in January from December.
The market that cooled off the most in the month was San Francisco, down 0.7 percent, though it's up 10.5 percent over the past year.
Other major cities with double-digit percentage gains over the past year are Denver, Portland, Ore., and Seattle.
On a year-over-year basis, Chicago-area home prices are up 2.1 percent, compared with a 5.4 percent rise for the U.S. market overall.
The state of the condominium market in the Chicago area also continued to worsen in January, with prices falling for six straight months.
byerak@tribpub.com
