It is a new year and it is a new opportunity for the Illinois Association of Realtors to report home sales activity.
In the Chicago metropolitan area, Home sales rose. In fact, the rise in January was the highest level for the first month of the year since 2007.
Offsetting this good news was the less fortunate news that prices continue to fall.
The good news is that January home sales increased 15.7% to 4,447 transactions from a year earlier. The bad news is that January median prices sank 11.4% to $140,000. Of note, this reading of $140,000 was the lowest level since the association began keeping records in 2004.
In the city of Chicago, sales rose 5.7% to 1,093. The median price slipped 0.7% to $149,000.
Statewide, sales jumped 16.1% to 6,435. The median price dropped 9.3% to $122,500.
Michael Hobbs, PahRoo Appraisal & Consultancy
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