Chicago Home Prices Fall Again in November

Chicago area home prices fell for the third straight month in November, according to the Chicago Tribune, going back to May 2001 levels.  

The Trib reported Tuesday home prices in the Chicago area fell 3.4 percent from October 2011 to November 2011 and were down 5.9 percent from a year ago, according to the S&P/Case-Shiller home price index.

On a national level, prices were down 3.7 percent from November 2010. After Atlanta, Seattle and Las Vegas, Chicago had the greatest year-over price decline. 

The homes hardest hit in the Chicago area were those selling for under $156,110, with prices dropping 16.2 percent from a year ago. 

Homes selling for more than $269,909 dropped 3.3 percent from a year ago. Homes between $156,110 and $269,909 dropped 9.2 percent. 

Average single-family home prices in Woodridge dropped 14 percent from November 2010 to November 2011 with a .7 percent increase in median price. 

The metropolitan Chicago real estate market "enjoyed a solid six months of home sales activity during the last half of 2011," according to a RE/MAX press release, recovering from a lackluster January-June performance. 

Homes sales in DuPage County were up 7.8 percent over 2010. Fourth quarter sales in DuPage were up 18.7 percent over Q4 2010.