For the first time in 2 years existing home sales in the Chicago area have shown a year-over-year improvement. Media outlets such as the Chicago Tribune tout the news as a possible “sign that the local housing market may have, from a sales volume standpoint, bottomed out.”
According to a report by Midwest Real Estate Data, July sales inched up slightly from July ’08 for the region including northern Illinois, northwest Indiana and parts of southern Wisconsin. Sales went up to 7,828 last month from 7,752 a year ago—an increase of 76 properties sold. The growth may not be large, but it’s a gain.
Many believe the rise in sales is largely attributed to real estate investors purchasing foreclosures, REOs and other properties with significantly reduced prices. First-time home buyers are also contributing to the escalation in sales. Those who qualify can secure an $8,000 tax credit when they close on a primary residence by November 30.