Today the Illinois Association of Realtors released very encouraging data on both Chicago and the state of Illinois.
Chicago Home Sales Way Up, Price Up Too
There were 7,140 homes sold in Chicago in June compared to 5,674 sold in May. That is an increase of 25.8 percent. However, it’s not all good news. In June of last year 7,806 homes were sold in Chicago. That is a year-on-year decrease of 8.5 percent.
Median home prices in Chicagoland were up 5.0 percent from May to June of this year, going from $200,000 to $210,000. However, this is a drop of 18.0 percent when compared to June of last year when the median price was $256,000.
Illinois Home Sales and Prices Up
Numbers for the entire state of Illinois are also on the upswing. In June of this year 10,909 home sold, which is up from 9,029 in June. That number is 9.3% down compared to June of last year, which was at 12,024. The median price in June for a home in Illinois also went up 6.6 percent: $167,000 in June of this year when compared to $157,500 to May. Compared to June of last year, when the median price was $199,849, prices are down 16 percent.
Leading Real Estate Economist Sees Good and Bad
John Tuccillo?one of the foremost real estate economists in the United States?spoke today at the Community Alliance of Chicagoland REALTORS® Leadership Retreat. He said that one of the bits of good news related to the real estate market is that the $8,000 tax credit is working?it is a driving force in helping first-time buyers. He also commented on the fact that pending sales are up.
On the negative side of influences on the real estate market, he focused on all the appraisal issues impacting transactions. This is a topic we’ve covered extensively here at The Chicago 77 with posts starting in January:
- Appraisers must be local
- Working to suspend HVCC
- HVCC killing transactions and hurting the economy
- New rules will have an impact on the real estate market (January, 2009)