Robert Shiller - co-creator of the Case-Shiller Home Price Indices and a leading authority on the housing market is in Chicago to receive the CME Group-MSRI prize in innovative quantitative applications, which recognizes individuals who contribute original concepts in mathematical, statistical or computational methods for the study of the markets' behavior and global economics. He discusses the Chicago housing market.
Per the latest release of the Case-Shiller Index:
Average home prices in the Chicago area in July rose 2.7 percent from June, but remain slightly below year-ago levels.
The increase represents the fourth consecutive month of improvement in local pricing.
Additionally, on average, July condo prices rose 2.3 percent from June (but still were 4.7 percent lower than in July 2011).
Nationally, home prices increased 1.6 percent for the 20 cities in the Case-Shiller index.