News Item
09.22.2016
August 2016 Home Prices and Sales
The Illinois Association of Realtors (IAR) reported that year over year residential sales in the city of Chicago increased by 2.6%, with 2,770 sales in August 2016 compared to 2,701 sales in August 2015. The median sale price increased by 1.5% ($275,000 in August 2016 compared to $271,000 in August 2015). Homes in the city of Chicago were on the market an average of 39 days, down from 45 days last August.
Dan Wagner, president of the Chicago Association of REALTORS® and senior vice president for government relations at Inland Real Estate, noted that a surge in late-summer buying “lifted sales to positive annual gains.” However, “inventories in the city of Chicago saw a notable 14.7 percent decline, making August the fifth month in a row where we’ve seen double-digit percentage decreases in the number of homes for sale.”
The following charts summarize median price and sales trends:
The University of Illinois Regional Economics Applications Laboratory estimates positive growth in Chicago area* annual sales levels for September, October and November 2016, with average changes expected to increase by 8.0% to 10.8% compared to last year. Other notes from the forecast report include:
- Median prices in the Chicago area are estimated to post year-over-year gains of +2.5% in September, +1.8% in October and +1.6% in November.
- In August 2016, at the previous 12 month average sales rate, the Chicago area had enough housing inventory for 3.5 months (down from 4.5 months a year ago). Months of supply for homes in all price ranges except $700K+ declined in both Illinois and the Chicago area.
- The pending home sales index, a leading indicator based on contract signings, was 203.6 in August (100=average pending sales in 2008). The number of homes put under contract in the Chicago area was up 16.5% from August 2015.
The press release, city of Chicago report, and forecast report are available on the IAR website.
*Chicago PMSA: Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties
Note: The Illinois Association of Realtors (IAR) transitioned to a new reporting system in December 2012 that resulted in revisions to previously reported data. IAR data is subject to revision by reporting Multiple Listing Service affiliates. For more information, please refer to the IAR website.
Chaired by Mayor Rahm Emanuel, World Business Chicago is the public-private partnership leading the Plan for Economic Growth and Jobs in order to drive business development, cultivate talent, and put Chicago at the forefront of the global economy.
WBC’s “Economic Briefs” track indicators from month to month to gauge the strength of several aspects of Chicago’s economy, including unemployment, population, venture capital, job openings and new hires, home sales, tourism, etc. This data provides a clear analytic framework for specific Plan strategies and initiatives. For a summary of these and other economic indicators, refer to WBC’s monthly Chicago By The Numbers.
Related News
News Item
03.24.2023
A Chat about Alicia Ponce’s Work
Tell us a bit about the industry you are in and the work you focus on. Architecture is an industry where we get to define a city’s culture and history. …

Blog
NEWS
News Item
03.20.2023
Getting to Know DCASE Commissioner Erin Harkey
Tell us about where you grew up and tell a special high school memory/story. I was born and raised in Los Angeles and went to Santa Monica High School; high…

Blog
NEWS
News Item
02.28.2023
Black History Spotlight - Blake Anthony-Johnson
A Conversation with Blake-Anthony Johnson, CEO and President of Chicago Sinfonietta Blake-Anthony Johnson’s multifaceted career has included work as a performer, collaborator, recording artist, and

Blog
NEWS
News Item
02.28.2023
Black History Spotlight - Leon Walker
Meet Leon Walker Over the past 20 years, Leon I. Walker, Esq., has spearheaded cutting-edge community development projects that have generated thousands of new jobs and brought grocery stores and&hell