February 24, 2020 Comments Off on Chicago-Area Home Sales Post Y-O-Y Gains for Second Month in a Row Views: 696 Chicago News, Top Chicago

Chicago-Area Home Sales Post Y-O-Y Gains for Second Month in a Row

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Home sales in the Chicago region and statewide showed year-over-year gains for the second consecutive month after declining generally throughout 2019, Illinois Realtors said Friday. January’s Y-O-Y increase of 12.2% statewide followed a 12.1% increase in December.

In the nine-county Chicago region, home sales (single-family and condominiums) in January rose 9.5% from January 2019’s sales of 5,293 homes, while the median price was up 4% Y-O-Y.

For the city of Chicago, the annual increases in sales and median prices were 5.9% and 5.5%, respectively. Both the metro area and the city had posted larger Y-O-Y increases in December.

“In January, we saw slight upward growth in closed sales and median sales price,” said Maurice Hampton, president of the Chicago Association of Realtors. “We continue to see a downturn in inventory. The combination shows we still have demand, but without the inventory to show for it.”

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