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The Chicago area's housing recovery continues to lag behind other metropolitan areas, according to a widely watched monthly index of home prices released Tuesday.
The S&P/Case-Shiller home price index found that area home prices in September fell 0.6 percent from August and were down 1.5 percent on an annualized basis. Chicago and New York City were the cities among the 20 studied where pricing was worse than their year-ago comparisons.
September's reading was the first monthly decrease for the Chicago area's home price index after five months of gains. Despite the slip in the overall market, area condo prices continued to recover, rising .9 percent in September from August, marking the six consecutive month of improvement.
Historically, condo prices remain at their spring 2001 level while the overall market's pricing is similar to its fall 2001 levels.
All combined, the 20 cities included in the home price index in September recorded a monthly gain of 0.3 percent in September. Year-over-year, prices rose 3 percent. On a quarterly basis, the national composite rose 3.6 percent in the third quarter compared with 2011's third quarter.
mepodmolik@tribune.com | Twitter @mepodmolik
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