The Illinois Association of Realtors (IAR) reported that home sales in the city of Chicago rose 20.4 percent over last year (1,377 sales in November 2011 compared to 1,144 in November 2010), and were up 5 percent over October 2011. In the IAR press release, Bob Floss, president of the Chicago Association of Realtors and broker-owner of Bob Floss and Son Realty, said, "Chicago is seeing a combination of unit absorption paired with distressed homes that are still pushing down sale prices. Low interest rates and smart opportunities to buy make for favorable market conditions for both buyers and sellers looking to right-size to their lifestyle."
Over the next three months (November 2011, December 2011 and January 2012), the University of Illinois Regional Economics Applications Laboratory forecasts year-over-year sales increases of 6-12% and year-over-year median price decreases of 10-17% in the Chicago PMSA*.
The following charts summarize sales and median price trends in the city, region (PMSA* ) and state:
*The Chicago PMSA includes Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties
The full press release and forecast report are available on the Illinois Association of Realtors website.
Note: on 7/22/11, the IAR released a statement regarding an investigation of inaccurate median price reports for housing in the city of Chicago. All data from the inception of the Chicago reports (2008) has been verified and all reports since November 2010 have been adjusted to reflect the inclusion of this data. Corrected figures are reflected in the preceding data and summary charts.