Chicago home prices (and those in the entire nation) saw a strong 2014 and have moved toward stabilization, according to a new report from CoreLogic that showed nationwide appreciation was at about 5 percent.
In Chicago, price growth was more moderate relative to the national average, with prices rising since February 2014 a total of 3.6 percent including distressed properties and a total of 4.4 percent excluding them.
CoreLogic also predicts continued upward pressure from falling inventory and construction.
“Since the second half of 2014, the dwindling supply of affordable inventory has led to stabilization in home price growth, with a particular uptick in low-end home price growth over the last few months,” said Frank Nothaft, the chief economist for CoreLogic told Chicago Agent Magazine. “From Feb. 2014 to Feb. 2015, low-end home prices increased by 9.3 percent compared to 4.8 percent for high-end home prices, a gap that is three times the average historical difference.”
Read more at Chicago Agent Magazine here.