Chicago Area Sees Increase in 2Q10 Home Sales

August 12, 2010

These are the stats we like to see: The amount of Chicago-area real estate sold during the second quarter of 2010 jumped 34.7 percent compared to a year ago; sales in the city of Chicago rose 32.8 percent.

According to the Illinois Association of Realtors‘ second quarter 2010 report, 23,735 existing single-family homes and condos were sold in the Chicago area during this year’s second quarter, while only 17,620 homes were sold during that same time period last year.

In the city, 6,567 second-quarter homes were sold in 2010 compared to 4,945 in 2009.

Statewide, 2Q10 home sales went up 27.7 percent compared to the second quarter of 2009.

All good news! And, there’s even some positive news regarding home values.

The second-quarter median home sale price in Illinois was $160,000, a 0.3 percent increase over $159,500 a year ago.

In the city of Chicago, the median price was $230,000 in both the second quarters of 2009 and 2010.

In the Chicago area, however, the second-quarter median price was $196,000, which is a 2.5 percent decrease from $201,000 in 2009.

Still, the Chicago area has a silver lining: In the second quarter in Lake County, sales rose 38.1 percent and the median home value increased 3.6 percent.

Hopefully the numbers throughout Illinois — and across the country — will continue to increase. But there is another stat the housing market desperately needs to see improve before it stabilizes: The unemployment rate.

“I believe the housing market that really led the growth rates in the early part of this century are now very much tied to job growth. Most people are going to feel much better about making major purchases if they can have a sense that the private sector job growth is going to continue,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois.

“As a result we will see a very strong relationship between home sales and job growth over the next six to 18 months, much more than we’ve seen in the past.”

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