Chicago-area home sales cooled down in September but still posted a 24% year-over-year gain as the local market exited the key summer selling season.
In September, 7,484 single-family homes and condominiums sold in the nine-county Chicago area, down from 9,240 sales in August but up 24% from 6,035 sales in September 2011, the Illinois Association of Realtors said Friday.
The number of sales last month marked the most active September since 9,307 homes sold in September 2006. Last month also was the 15th straight month that Chicago-area sales rose year over year.
The Realtors’ report shows attractive pricing and mortgage rates continue to lure homebuyers as the local residential market recovers from its six-year slump, a recovery that has yet to be dampened by political uncertainty and rising foreclosure activity, one expert said.
„Given the uncertainties in the economy, with the forthcoming election contributing significantly, the housing market has performed well in the last quarter,“ Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois, said in a statement.
The city of Chicago saw a 23.2% year-over-year home sales increase in September 2012 with 1,845 sales, up from 1,498 in September 2011.
The sales figures include new and existing homes. The nine-county Chicago area consists of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties.
Forty-five (45) of 101 Illinois counties reporting showed year-over-year home sales increases in September 2012. Forty-four (44) counties showed year-over-year median price increases including DuPage, up 2.6% to $200,000; JoDaviess, up 3.9% to $140,250; Kane, up 2.3% to $135,000; Kendall, up 6.0% to $157,875; McLean, up 3.9% to $160,000; Peoria, up 8.8% to $130,000; and Sangamon, up 4.3% to $125,000.
The strong sales report was coupled with data showing the median price of a home in the state rose 2.2%.
Statewide home sales (including single-family homes and condominiums) in September 2012 totaled 10,689 homes sold, up from 9,220 in September 2011. IAR has seen year-over-year sales increases since July 2011.
Home sales increased 15.9% over previous-year levels in September, extending a run of more than a year of sales gains, according to the Illinois Association of REALTORS®.
Read the news release: Sales, median prices show gains in September in Illinois