The latest news from the Illinois Association of REALTORS® is good: May home sales for the nine-county area showed a 7.5 percent increase year-over-year with median sale prices growing by 6.1 percent to $234,500.
The Chicago Tribune asked Urban Real Estate Partner Matt Silver about the latest numbers and he noted that some areas of the city, like Lincoln Park, have now completely recovered from the downturn in the housing market.
"Areas close to the lake, both north and south, are the areas that recover quicker and then it moves from there," Silver said.
“Median prices continue to grow, in Chicago, much of the growth was generated by much more rapid increases in the prices of foreclosed properties rather than regular sale prices,” said Geoffrey J.D. Hewings, the director of the Regional Economics Applications Laboratory at the University of Illinois. “Given the uncertainty in the state’s economy and the pending national elections, the housing market continues to grow in terms of sales and prices and the short-term (three months ahead) forecasts remain positive.”
The city of Chicago showed a 5 percent year-over-year increase.
Read more at the Chicago Tribune here.