News From Crain's: Housing is Stablizing in 2009

(Crain's) — Chicago-area home sales inched up in July compared with July 2008, the first year-over-year increase in more than three years, according to the Illinois Assn. of Realtors.

CHICAGO-AREA SALES
Below is a monthly year-over-year comparison of home sales (single-family and condo) in the nine-county Chicago area.
Month	2009	2008	Change
January	2,965	3,927	-24.5%
February	3,082	4,326	-28.8%
March	4,260	5,759	-26.0%
April	4,747	6,094	-22.1%
May	5,634	6,927	-18.7%
June	7,140	7,806	-8.5%
July	7,427	7,408	0.3%
Source: Illinois Assn. of Realtors

In the nine-county Chicago region, 7,427 homes were sold July, up 0.3% from 7,408 sales in July 2008, the Realtors group said in a release Friday. The Chicago area hadn’t seen a year-over-year monthly increase since March 2006.

"It's significant that we are seeing break-even or better sales levels compared to last year at this time on top of the month-to-month increases since January,” Pat Callan, president of the association and owner of Realty Executives Premiere in Wheaton, said in the release.

Chicago-area sales also rose 4% last month compared with June, the sixth consecutive month that has happened.

Sales still fell year-over-year in the city, with 1,975 in July, down 11.3% from July 2008.

"Chicago continues to show a leveling of the marketplace as we see distressed properties being absorbed. With that said, we are a long way from seeing a stable real estate market in Chicago, and we face challenges surrounding lending that do not take into account real local market conditions," David Hanna, president of the Chicago Assn. of Realtors, said in the release. "Policy changes are still needed before Chicago can have a healthy real estate market, and a full economic recovery."

Median prices fell year-over-year in the Chicago area and the city. The region’s median price — where half the homes sold for more and half sold for less — was $213,500 in July, a 16.3% decrease from July 2008, the Realtors association said.

In the city, the median price was $245,000 in July, down 18.3% from last year.

Statewide sales were essentially even, with 11,407 in July compared with 11,417 in July 2008.

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.