CHICAGO HOUSING PRICES COMPARED TO OTHER U S MARKETS The tremendous run up in Chicago housing over the past ten years, has realtors and homeowners alike wondering what to expect in the next couple of years. The information provided by the National Association of Realtors helps put the Chicago experience in the context of other markets.  As interest rates continue to inch upwards, the NAR is predicting that adjustable rates will increase substantially through 2006. Whether this substantial increase in short term rates will affect Chicago housing prices during this period is unknown. It does appear however, that housing prices are stable in many big city markets already, and that the hype about big price increases is limited to a handful of coastal cities where land is scarce, or where the weather is good, or the nightlife/lobbying is non-stop.  For the rest of the country, price increases have been quite modest during the past several years.                                                  TEN ‘FANTASY ISLAND’ MARKETS: MEDIAN PRICES                                         MARKET                 2002          2005:Q-I.         Change      % Change                                      San Francisco          $517,000      $689,000        +$172,000       +33%                                     Orange Co, CA         $413,000      $657,000        +$244,000       +60%                                     San Diego                $364,000      $584,000        +$220,000       +60%                                     Honolulu                  $335,000      $529,000        +$194,000       +58%                                     Los Angeles             $290,000      $474,000        +$184,000       +63%                                     New York                $310,000     $435,000         +$125,000       +31%                                     Boston                        NA          $398,000             NA               NA                                     Washington             $250,000     $359,000         +$119,000       +48%                                     Miami                     $190,000     $316,000         +$126,000       +66%                                     Las Vegas               $160,000     $291,000         +$131,000       +82%                                    Group Ave.              $314,000     $473,000         +$168,000       +56%                                    Chicago                   $205,000     $237,000         +$32,000         +10%                                    Chicago as a %            65%            50%                 19%             18%                                        Of Group Average                                              TEN U.S. REGIONAL CENTERS: MEDIAN PRICES                                                                    2002           2005:I-Q.         Change         %Change                                         Seattle              $254,000        $321,000        +$67,000           +26%                                         Denver             $228,000        $236,000          +$8,000           +2.5%                                         Baltimore          $180,000        $235,000         +$45,000          +25%                                         Minneapolis      $185,000        $219,000         +$34,000          +18%                                         Phoenix            $144,000        $194,000         +$50,000          +35%                                         Charlotte          $149,000        $169,000         +$20,000          +14%                                         Atlanta             $147,000        $160,000         +$13,000           +8%                                         Dallas              $135,000        $140,000          +$5,000           +4%                                         Houston           $133,000        $135,000          +$2,000           +2%                                         Chicago           $205,000        $237,400        +$32,000          +11%                                      ____________________________________________________________                                   Group Average   $177,000        $205,000          +$26,700           +14.5%                                Chicago as a %          116%            116%                120%             110%                                   Group Average                                                TEN MIDDLE AMERICAN MARKETS: MEDIAN PRICES                                       Milwaukee         $174,000       $197,000          +$25,000            +14%                                          Kansas City       $137,000       $164,000           +$27,000            +20%                                      Columbus          $140,000        $140,000                 0                     0                                      Cincinnati          $134,000        $140,000            +$6,000              +5%                                      Des Moines       $130,000        $139,000            +$9,000              +7%                                      Louisville          $125,000        $130,000            +$5,000               +4%                                     Indianapolis        $117,000       $116,000            -$1,000               -0.8%                                     St. Louis            $117,000       $113,000            -$3,000               -3%                                     Pittsburgh          $102,000       $106,000           +$4,000               +4%                                     Chicago             $221,000       $244,000          +$23,000             +10%                                    Group Average      $126,700        $148,900          +$10,000              +6%                               Chicago as a %           161%              160%                 230%               166%                                  Group Average Peter J. Fugiel, ©2005, November Newsletter