Chicago-area home sales jump 72% in November
(Crain’s) — Chicago-area home sales soared 71.6% in November compared with the same month last year, according to the Illinois Association of Realtors.
|Below is a monthly year-over-year comparison of home sales (single-family and condo) in the nine-county Chicago area.|
|Source: Illinois Assn. of Realtors|
The group cited pent-up demand from buyers, low interest rates and the federal tax credit for first-time home buyers as the reason for the fifth straight monthly year-over-year improvement for the Chicago metro area.
Home sales in November and October of 2008 were extremely low as the worst of the nation’s financial crisis was hitting.
“November’s sales surge reflects the rush to beat the tax-credit deadline,” Mike Onorato, the association’s president, said in a press release. The tax-credit deadline was extended from November through April 30, 2010.
Median prices in the Chicago area, however, continued to fall.
In November, the region’s median price – where half the homes sold for more and half sold for less – was $189,000, down 9.1% from $207,995 in November 2008.
Total sales in the region, including single-family homes and condominiums, were 6,826 compared with 3,978 in November 2008.
In the city of Chicago, November sales were up 69.9% to 1,859 compared with 1,094 homes sold in November 2008. The median price in the city was $215,000, down 3.4% from November 2008.
Statewide, home sales totaled 10,361 in November, up 64% from the same month last year. The statewide median price was $155,000, down 4.3% from November 2008.