According to the Illinois Association of REALTORS®, home sales in the Chicago area rose 28.5 percent in August compared to the same month the previous year. The 9,240 homes sold last month marked the best month for sales volume around Chicagoland since 9,733 homes were sold in August of 2007.
Home values are still falling, and this helps increase the number of home sales. The median price for metro Chicago real estate for sale last month was $170,000, a 3.8 percent drop from the $176,750 average in August 2011. Still, values are rebounding, and the median price for a home in the Chicago area is now $30,000 higher than the $140,000 median price recorded in January of this year.
The city of Chicago not only posted a 23.6 percent year-over-year increase in home sales last month, but the median price of a home sold in Chicago also went up, increasing 3.9 percent from $192,500 in August 2011 to $200,000 in August 2012.
Throughout the entire state of Illinois, home sales rose 23.7 percent in year-over-year results, which have improved for 14 straight months, but the median home price was $147,000, which is a drop of 0.7 percent from $148,000 in August 2011.
The National Association of REALTORS® also reports that U.S. home sales rose 7.8 percent last month to the highest level since May of 2010 due to the federal home buyer’s tax credit incentive.
“The housing market is steadily recovering with consistent increases in both home sales and median prices,” said Lawrence Yun, NAR chief economist. “More buyers are taking advantage of excellent housing affordability conditions.”
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