CHICAGO—The strong summer housing market continued in July as home sales and median prices posted robust gains, according to the Illinois Association of REALTORS®.
Statewide home sales 2015 totaled 16,901 homes sold, up 8% from July 2014 when 15,644 homes sold. And the statewide median price in July 2015 rose to $190,000, a 6.1% gain over the previous July's median of $179,000.
“The strong year-over-year gains we saw in July suggest there is plenty of steam left in this market,” says Jim Kinney, president of the Illinois Association of REALTORS® and vice president for luxury sales for Baird & Warner in Chicago. “Buyers are finding they have to work quickly once they find the home they want since inventories are very low.”
The time it took to sell a home in July averaged 58 days statewide, down from 65 days a year ago and faster than 63 days last month. Available housing inventory remained tight with 72,371 homes for sale, a 7.7% decline from last year when there were 78,373 homes.
In the nine-county metropolitan area, home sales in July 2015 totaled 12,384, an increase of 9.6% from the 11,298 sales in July 2014. The median price last month in the metro area was $226,700, up 4% from $218,000 in July 2014.
“Sales growth, on a yearly basis, returned to more modest rates last month after the rapid monthly change the 'previous month,” says Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “Prices in Illinois are forecast to grow more strongly than in Chicago, although the gap is narrowed when using the new REAL Housing Price Index that captures house characteristics. Foreclosures continue to play a smaller role in the housing market and while the foreclosure inventory is relatively unchanged, sales prices for foreclosed properties continue to increase.”
The city of Chicago saw sales of 2,989 homes in July 2015, up 9.7% from last year when 2,725 homes were sold. The median price of a home in Chicago was $285,000, up 5.2% over July 2014 when the median price was $271,000.
“The busy summer homebuying season is closing out on a high note," says Hugh Rider, president of the Chicago Association of REALTORS® and co-president of Realty and Mortgage Co. in Chicago. "We've seen solid gains throughout the year, and there is every expectation that we'll see the market momentum continue into the fall as buyers select from reduced inventories."
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
