Home prices make gains in Illinois

The Illinois Association of REALTORS® released April home sales and median price data today showing positive indicators nearly across the board with upward momentum in home prices and sales jumping 34.4 percent in April 2010 compared to April 2009, spurred by the homebuyer tax credit stimulus. Here are some observations from the report.

Statewide

  • 8th month in a row for year-over-year home sales increases
  • Median price up 5.0% compared to April of 2009, which is significantly higher than January’s upturn of 0.2% (Before January, the last recorded median price increase for Illinois as a whole was September 2007.) 

Chicago PMSA
(Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties)

  • All PMSA counties saw double-digit sales increases in April 2010 compared to April 2009
  • 10th month in a row for year-over-year home sales increases (up 47.1%)
  • Median price was down slightly (-0.5%) from April 2009, however Cook and Lake saw median price increases (1.8%, 11.2% respectively)
  • March 2008 marked the last time the Chicago PMSA recorded a year-over-year median price gain

 City of Chicago

  • 8th month in a row of year-over-year home sales increases
  • Median price up 3.2% compared to April 2009, the first median price increase recorded since June 2008

In his Illinois housing market forecast prepared for IAR, University of Illinois economist Geoff Hewings said: “For the first time since the recession began, the housing markets in Illinois and Chicagoland region almost presented positive indicators across the board. Sales continue to exhibit positive increases through April and the forecasts suggest a continuation of these trends through July. For the Illinois market as a whole, median prices are anticipated to increase in the three to five percent range, while Chicagoland will see little or no change.”

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