It was not good to either sell or buy a new house last year in Chicago. Home value dropped significantly to sell but rose when you wanted to buy a new home. Things seem to be looking better this year with the prices falling during the last four months.
Chicago-area home prices rose 2.2 percent last year but all of the gain came during the first eight months of the year, and prices fell during the last four months of 2012.
On a month-over-month basis, local home prices fell 0.7 percent in December, following a 1.3 percent decline in November, according to the widely watched S&P/Case-Shiller home price index, released Tuesday.
Nationally, the picture looked much brighter on an annualized basis, with prices rising 7.3 percent from 2011. Cities that saw the best improvement were Phoenix, where prices riose 23 percent last year, along with San Francisco, up 14.4 percent, Detroit, up 13.6 percent, and Las Vegas, up 12.9 percent.