Home sales in Chicago area jump 19.2 percent in July, but prices fall
BY FRANCINE KNOWLES Business Reporterfirstname.lastname@example.org August 18, 2011 9:48AM
Updated: November 3, 2011 10:28AM
Sales of existing homes in the nine-county Chicago area rose 19.2 percent in July from a year earlier, but the median price fell 5.4 percent, the Illinois Association of Realtors said Thursday.
There were 6,625 homes sold in the area last month, up from 5,560 a year ago. The median price was $182,500, down from $193,000.
In the city of Chicago, July home sales rose 4.2 percent to 1,655 from a year earlier. The median price rose 6.9 percent to $210,000.
Statewide, July home sales rose 18.4 percent to 8,197. The median price fell 3.8 percent to $159,000.
“The market, like the economy, continues to struggle even through interest rates and prices would appear to suggest favorable conditions for housing purchases,” Geoffrey Hewings, director of the University of Illinois’ Regional Economics Applications Laboratory, said in a statement.
Until the economy signals a clear rebound with sustained employment growth, a steady uptick in housing sales and modest recovery in prices won’t occur, he added.