By Peter Ricci
Home sales in the nine-county Chicago area increased 29.1 percent year-over-year in July, according to the latest data compiled by the Illinois Association of Realtors (IAR).
For the state of Illinois and City of Chicago, home sales were similarly impressive. For the City, sales were up 26.2 percent from July 2011, and for the state, the 25.5 percent increase represented 12,355 total homes sold, the best July performance since 2007.
Chicago Home Prices Fall
Other data from IAR included:
- In addition to the strong sales data, home sale price were also consistent – but unfortunately, they fell year-over-year in all three areas, by 2.4 percent in the City of Chicago, by 5.9 percent in the nine-county Chicago area and by 1.7 percent for the entire state.
- For the City of Chicago, condos were the big star on the scene, with 23.2 percent more condos selling in July than last year.
- More than half of Illinois’ counties reported home sale increases with last year, and 50 did show median price increases, including DuPage county, where prices rose 1.1 percent.
Suburban Chicago Home Sales Strong
According to data from the Mainstreet Organization of Realtors (MORe), home sales were also strong in suburban Chicago, with single-family detached home sales rising 27 percent in July from last year. In certain communities, the increases were quite dramatic, with sales increasing 122 percent in Brookfield, 121 percent in Mt. Prospect, 139 percent in Homewood and 225 percent in Inverness.
Loretta Alonzo, the president of IAR, said that July’s positive numbers indicate a strong real estate market for the second half of 2012.
“The sales momentum we saw building in the first six months of 2012 is continuing into the latter half of the year,” Alonzo said. “Low interest rates and home prices will give the market a foundation for continued strengthening.”