Chicago Real Estate Sales, Prices Up From Last Year

August 18, 2011

In year-over-year results, the Chicago real estate market is doing alright.

Existing home sales were up in July 2011 versus July 2010 in Chicago, the Chicago metropolitan area and the state of Illinois, according to the latest report from the Illinois Association of REALTORS® (IAR).

In the city of Chicago, 1,655 single-family homes and condominiums were sold last month, a 4.2 percent increase from the 1,588 homes sold during the same month last year.

In the nine-county Chicagoland Primary Metropolitan Statistical Area, there were 6,625 homes sold in July, an increase of 19.2 percent from the 5,560 homes sold in July 2010.

And, in Illinois, July home sales totaled 9,708, an 18.4 percent gain from the 8,197 homes sold last July.

for sale sign saying sold in front of a homeMore than 60 percent of Illinois counties reported year-over-year sales increases during July, including:

*Cook: Up 9.5 percent

*DuPage: Up 41.6 percent

*Kane: Up 25.5 percent

*Lake: Up 35.7 percent

*Will: Up 22.1 percent

“Illinois home sales saw a strong jump this month and the first year-over-year gain since June of 2010 when sales were still under the influence of the homebuyer tax credit stimulus,” said REALTOR® Sheryl Grider Whitehurst, ABR, CRB, GRI, IAR president.

“Mortgage interest rates remain at near-record lows and affordability conditions are still strong for qualified and motivated buyers who are out there studying their options, however, the current level of economic uncertainty and tight credit are taking a toll on buyer confidence.”

Buyers are still questioning how low prices can go.

According to the IAR:

*Illinois: The median home sale price in July 2011 was $153,000, a 3.8 percent drop from the $159,000 posted in July 2010.

*Chicagoland: The median price in July was $182,500, down 5.4 percent compared to last July’s $193,000.

*Chicago: The median price last month was $210,000, which is actually a 6.9 percent gain over the $196,500 price during the same month last year.

“This is the first month, year-over-year, where we are without a federal tax credit and are encouraged by July’s sales,” said Mabel Guzman, president of the Chicago Association of REALTORS®, “hopefully a positive outlook for the remainder of 2011.”

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