Home Prices, Sales Up in Chicago

Illinois sales increased 22% in May over May 2011

Chicago-PMSA Total Home Sales
University of Illinois Regional Economics Applications Laboratory, Illinois Association of Realtors

Home sales are on the increase statewide, including in Chicago.

Sales of Illinois homes in May were 22 percent higher than sales in May 2011, according to data released by the Illinois Association of Realtors Thursday.

The data also show Chicago fared better in that area in May than the state overall, with a 25 percent increase in home sales over May 2011.

"If there was any uncertainty about whether the housing market was going to hold up as we moved deeper into the year, that's been dispelled," said Illinois Association of Realtors president Loretta Alonzo. "To have such a strong statewide showing later in the spring selling season, and to see the Chicago area snap a 49-month trend of median price decreases is huge news."

Chicago area median home prices inched up 0.1% to $170,000 over last April, the data showed.

Illinois median home prices rose 3.6 percent over last May to $145,000.

Year-to-year median prices for homes are expected to increase by August, reaching around $150,000 in Illinois and about $181,000 in the Chicago area, a forecast by the University of Illinois predicts. That same forecast does, however, predict slightly lower sales volumes in June and July with an increase in August.

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