Wednesday, January 4, 2012

Chicago, That Toddlin’ Town Sees Home Sales Soar

According to an uplifting report from the Illinois Association of Realtors, Chicago-area home sales soared almost 21% in November compared with the same period 2010. In the nine-county Chicago area, 5,453 single-family homes and condos sold in November 2011, an increase of 20.7% from 4,518 in November 2010. Sales in the city of Chicago rose 20.4%, to 1,377, compared with 1,144 in November 2010; statewide sales rose 14.1% in November to 7,954 compared with 6,966 in November 2010. The nine-county Chicago area consists of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties.

As reported on, Geoffrey J. D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois, recently stated, “’Little by little, there is some accumulating evidence that there may be some measure of recovery in the housing market.’”

This can be seen as the first meaningful increase in home sales in months. Until now it was probably merely a reaction to how bad things were a year ago. The outlook for continuing sales is positive into Spring 2012, based on strong contract activity.

It can be problematic comparing such numbers when the numbers from the second half of 2010 were so dismal. However, any positive news shows optimism for the housing market. The process for a real estate resurgence will, most likely, see a slow, but steady growth over the next few years.

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