For the first time in a while, we have some good news about Chicago-area home sales. They rose 19.2% in July 2011. Granted, that is compared to July 2010 which was right after the government incentives ended and was well below trend..so it may not be the fairest of comparisons...but 19.2% sure sounds good.
Sales of single-family homes and condominiums in the nine-county area totaled 6,625 units in last month, up from 5,560 in July 2010, according to a report released Thursday by the Illinois Assn. of Realtors. This change in trend was the first time local sales rose year-over-year since June 2010 and it was a glimmer of hope for a struggling local housing market.
In the city of Chicago, sales rose 4.2% and statewide, home sales rose 18.4% in July, to 9,708 units.
ALSO, the median price for the Chicago-area, (the price @ which half the homes sell for more and half for less) declined 5.4% to $182,500...which generally means prices are still trending downward.
Michael Hobbs, President, PahRoo Appraisal & Consultancy
photo: First Residential Mortgage
Comments(1)