Local home sales jump in second quarter compared with 1Q
(Crain's) — Chicago-area home sales jumped almost 68% in the second quarter compared with the first quarter, according to the Illinois Assn. of Realtors. Local sales fell about 15% compared with the second quarter last year.
“We are moving through inventories and that’s a good sign for the Illinois housing market,” Pat Callan, president of the association and owner of Realty Executives Premiere in Wheaton, said in a release Tuesday from the association. “Year-over-year sales are still lower, but one promising trend is the rate of decline has slowed in recent months and is now at a pace last seen in the third quarter of 2007.”
In the nine-county Chicago region, 17,622 homes were sold in the second quarter, up from 10,507 sales in the first quarter. Chicago-area sales were down 15.4% from 20,827 in second-quarter 2008, the Realtors group said.
In the city of Chicago, second-quarter sales rose 65.2%, to 4,947, compared with the first quarter. Sales fell 21.3% compared with the same quarter last year.
The Chicago-area median price — where half the homes sold for more and half sold for less — was $201,050 in the second quarter, up 7.2% from the first quarter but down 19.6% from the second quarter of 2008.
In the city, the median price rose 7% to $230,000 compared with the first quarter but was down 25.8% compared with second-quarter 2008.
Statewide sales rose 61.8% in the second quarter compared with the first quarter and fell 16.4% from the second quarter last year.
The Realtors group's sales figures include new and existing homes. The nine-county Chicago Primary Metropolitan Statistical Area consists of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
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