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Chicago area homes sales bouncing back?
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Realtors may be seeing a light at the end of the recession tunnel, according to figures released today.
Home sales marked the first positive year-over-year increase in more than three years. Price declines by entry-level and distressed sales, according to a press release the Illinois Association of Realtors issued today.
Realtors are crediting he first-time buyer tax credit for growing third-quarter momentum.
“Illinois’ strong third quarter home sales data is a compelling indicator for the importance of the extension and expansion of the federal homebuyer tax credit,” said Mike Onorato, president of the Illinois Association of Realtors. “This stimulus measure has proven it works and the impact goes beyond the sale of a home. The home sale transaction spurs an economic boost for moving and storage companies, the home improvement industry, inspection and legal services.”
In the Chicagoland area - which includes the c Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties - including single-family and condominium home sales totaled 21,298, up 2.4 percent from 20,802 home sales in the third quarter of 2008. The Chicagoland third quarter median home sale price was $205,000, down 16.3 percent from $244,900 in the third quarter of 2008. The Chicagoland
In the city of Chicago home sales totaled 5,821, down 4.8 percent from 6,117 home sales in the third quarter of 2008. The third quarter median home sale price was $230,000, down 20.7 percent from $290,000 in the third quarter of 2008.
“The Chicago housing market continues to see buyers investing in distressed properties, which continue to be absorbed, with an increase of 22.2 percent in the number of single-family homes sold third quarter 2009 over the same period in 2008,” said Genie Birch, president of the Chicago Association of Realtors and a broker associate with Koenig & Strey GMAC, Chicago. “There are great deals on the market for buyers across the board, however, the expanded and extended homebuyer tax credit will be critical to helping move buyers off the fence and into homes in the city of Chicago.”
Statewide home sales totaled 32,460, up 0.3 percent from 32,358 home sales in the third quarter of 2008. The third quarter median home sale price was $165,000, down 12.9 percent from $189,500 in the third quarter of 2008. The median is a typical market price where half the homes sold for more, half sold for less.
While home sales may have bottomed out, unemployment shows no signs of ebbing.
Having entered the recession some three to six months after the United States, the Illinois economy has proceeded to shed jobs at a faster rate than the nation over the last 12 months - 5.17 percent decline as opposed to 4.23 percent nationally .” said Dr. Geoffrey J.D. Hewings, director of
REAL.
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