On June 22, the Illinois Association of Realtors (IAR) reported that residential sales in the city of Chicago increased by 9.3% since last year, with 3,110 sales in June 2015 compared to 2,846 sales in June 2014. The median sale price increased 5.5% ($290,000 in June 2015 compared to $275,000 in June 2014). Homes in the city of Chicago were on the market an average of 41 days in June, down 6.8% from 44 days in June 2014.

In IAR’s press release, Hugh Rider, president of the Chicago Association of REALTORS® and co-president of Realty & Mortgage Co., said, “Median prices in Chicago have increased steadily since October 2012, providing a remarkable comeback story for the city’s real estate market. Consumer interest remains keen, as shown by the month-over-month increases in sales recorded since February and the relatively short time it is taking to sell a home.”

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 ranging from 11.0% to 13.5% on average compared to last year for July, August, and September of 2015. Other notes from the forecast report include:

• Annual median prices in the Chicago area are predicted to have steady gains of +5.7% in July, +5.0% in August, and +8.0% in September compared to last year’s figures.
• In June 2015, at the previous 12 month average sales rate, the Chicago area had enough housing inventory for 4.0 months (down from 4.8 months one year ago).
• The latest pending home sales index available (based on signed contracts, 100=average pending sales in 2008) stands at 209.0 in the Chicago area, down 3.3% from one month ago, but up 12.3% from June 2014.

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.

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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.