Hallelujah. Chicago home sales are finally on the rise! First since 2006.
Posted by ChicagoismynewBlog! on October 24, 2009
This article, just came out thanks to Crain’s Chicago Business! I’m really glad they included the chart to show people exactly how the real estate market is improving in Chicago. I hope this will make some people gain at least a little more confidence and get them out there to buy or sell a home.
City home sales rise for first time since 2006
(Crain’s) — Home sales in the city of Chicago posted a monthly year-over-year increase for the first time in more than three years, while sales throughout the Chicago area rose for the third straight month compared with last year, according to the Illinois Assn. 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|
Statewide sales showed their first year-over-year rise since March 2006, the Realtors’ group said.
Meanwhile, prices continued to tumble, compared to last year. The association used the release Friday to lobby for an extension of the $8,000 federal tax credit for first-time homebuyers. The credit is set to expire at the end of next month.
While some key congressional leaders support an extension of the credit, the White House is still undecided.
“Home sale gains this month show the tax credit is working and should be extended through 2010 as it is helping to stabilize home prices and creating thousands of jobs that rely on housing,” says association President Mike Onorato, broker-owner of Onorato Real Estate, which is based in Coal City, 60 miles southwest of Chicago, according to the release.
In the nine-county Chicago region, 6,862 single-family homes and condominiums were sold September, up 5.9% from 6,477 sales in September 2008, the Realtors group said. The monthly year-over-year percentage gain was the biggest of the three straight increases: Local sales rose 0.3% in July compared with July 2008 and 1.3% in August….