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August Home Prices and Sales Up Over Last Year

This morning, the Illinois Association of Realtors (IAR) reported that residential sales in the city of Chicago increased by 6.3% since last year, with 2,629 sales in August 2015 compared to 2,474 sales in August 2014. The median sale price increased by 0.2% ($270,000 in August 2015 compared to $269,500 in August 2014). Homes in the city of Chicago were on the market an average of 45 days, down slightly from 46 days last August.

In IAR’s press release, Hugh Rider, president of the Chicago Association of REALTORS® and co-president of Realty & Mortgage Co., said, “It’s taking a phenomenally short time to sell a home in the city of Chicago. Buyers have a short window to swoop in and make an offer because there are so many others looking for properties even this late into the selling season.”

The following charts summarize median price and sales trends:

HomeSales 092115

HomeMedianPrice 092115

HomeTwoYearAvg 092115

The University of Illinois Regional Economics Applications Laboratory estimates positive increases in Chicago area* annual sales levels, with changes ranging from 4.8% to 5.8% on average compared to last year for September, October, and November 2015. Other notes from the forecast report include:

Median prices in the Chicago area are estimated to post year-over-year gains of +4.7% in September, +4.9% in October, and +4.3% in November.
In August 2015, at the previous 12 month average sales rate, the Chicago area had enough housing inventory for 4.0 months (down from 5.0 months a year ago).
The pending home sales index, a leading indicator based on signed contracts, stands at 179.7 in the Chicago area, down 5.3% from one month ago and down 11.6% from August 2014 (100=average pending sales in 2008). Months of supply are increasing for homes above $500K and decreasing for homes below $500K in both Illinois and the Chicago area.
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 

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