Home prices in Chicago area fall, sales rise in July
BY FRANCINE KNOWLES Business Reporter email@example.com August 22, 2012 10:08AM
Home sales in the Southland jumped 26 percent in November over a year earlier. | File photo
Updated: September 24, 2012 7:42AM
Home sales in the Chicago metropolitan area jumped 29.1 percent in July from a year earlier, but the median price fell 5.9 percent after two straight months of increases amid continuing foreclosures, according to the latest report from the Illinois Association of Realtors.
There were 8,551 existing homes sold last month, up from 6,624 in July 2011. The median price fell to $172,000 from $182,700.
In the city of Chicago, home sales jumped 26.2 percent to 2,088, up from 1,655. The median price fell 2.4 percent to $205,000 from $210,000.
“The sales momentum we saw building in the first six months of 2012 is continuing into the latter half of the year,” said Loretta Alonzo, president of the association and broker-owner of Century 21 Alonzo & Associates in La Grange Park.
But foreclosures in the Chicago metropolitan area are expected to continue to hurt pricing this year, experts say. Documentation problems that slowed foreclosure filings last year have been resolved prompting a jump in homes being foreclosed on this year. RealtyTrac reported last month filings in the area in July spiked 35 percent from a year earlier.
Statewide home sales rose 25.5 percent to 12,355 from 9,846. The median price dipped 1.7 percent to $148,000 from $150,575.