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June Sales Make it Difficult to Judge Market Recovery

by Chicago Agent

Home sales from June in the metropolitan Chicago real estate market showed data not consistent with year-to-year comparisons.

From an analysis of sales data put together by RE/MAX based on information from Midwest Real Estate Data, LLC, June figures showed a gain in sales when compared to earlier months this year. However, these results are still much lower when compared to June of last year.

The analysis showed that June home sales this year rose 12.9 percent from May, to 7,456 units and the average sales price rose 7.9 percent to $258,057.  Each of those figures was also the highest recorded for any month in 2011.

Of these sales, homes selling for less than $200,000 represented 54 percent of June sales, compared to 48 percent in June last year. At the other end, homes priced at $700,000 or more represented 5.6 percent of all sales, up 5.1 percent from last June.

The percentage of sales represented by foreclosures and short sales was also better in the month of June, 36 percent, than it was in February, at 51 percent.

Yet when comparing June 2011 to June 2010, the total home sales were 18.6 percent lower than last year and the average price fell 5.7 percent.

Also, when comparing June 2011 to June 2010 on a county-by-county comparison, sales in Cook County were down 24.6 percent, sales in DuPage County fell 11.3 percent and in the City of Chicago sales were down by 29 percent.

RE/MAX reports that the figures for last June reflected a surge of sales in the market place due to the federal tax credit. July’s sales will be more accurate when compared to 2010 because by that time last year, the tax credit wasn’t such an incentive.

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