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December Home Prices Up, Sales Down Over Last Year

Today, the Illinois Association of Realtors (IAR) reported that residential sales in the city of Chicago fell 6.8% year-over-year with 1,992 sales in December 2014 compared to 2,137 in December 2013. The median sale price improved, up 9.2% ($229,250 in December 2014 compared to $210,000 in December 2013). Homes in the city of Chicago were on the market an average of 59 days in December, up 5.4% from 56 days in December 2013.

In IAR’s press release, Hugh Rider, president of the Chicago Association of REALTORS® and co-president of Realty & Mortgage Co., said, “Our housing market recovery will continue making strides in 2015. Chicago buyers are willing to navigate tight inventory, motivated by low interest rates that will likely inch upward this year. For Chicago buyers taking advantage of low rates, they are moving quickly and investing strongly in their ideal home,” adding, “The average homeowner is selling in less than two months, and benefiting from higher median prices.”

The following charts summarize median price and sales trends:

The University of Illinois Regional Economics Applications Laboratory estimates positive increases in Chicago area* annual sales levels, with changes of +8.8% to +11.5% on average compared to last year for the first three months of the year. Other notes from the forecast report include:

  • Annual median prices in the Chicago area are predicted to have moderate gains of +5.3% in January, +8.2% in February and +5.8% in March compared to last year.
  • In December, at the previous 12 month average sales rate, the Chicago area had enough housing inventory for 3.5 months (down from 3.6 months in December 2013).
  • The latest pending home sales index available (based on signed contracts, 100=average pending sales in 2008) stands at 112.5 in the Chicago area, down 7.5% from November 2014 but up 14.5% from December 2013.

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. Based on information collected on or before October 7, 2014; data 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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