Chicago area home sales soar 36%
By SANDRA GUY Business Reporteremail@example.com December 20, 2012 9:08AM
Updated: January 22, 2013 6:24AM
Sales of homes throughout the Chicago area jumped 36.2 percent in November from the year-ago period, and Chicago saw a 22.5 percent jump, the Illinois Association of Realtors reported Thursday.
The Chicago area increase was the biggest in seven years.
Median prices improved, too. Throughout the region, prices increased 3.4 percent, to $155,000, from November 2011. In Chicago, the price of a single-family home rose 14 percent, to $159,500, and the price of a condo jumped 12.4 percent, to $208,000, from a year ago, the report said.
The news comes amid a brightening picture nationwide.
U.S. sales of previously occupied homes jumped to their highest level in three years last month, bolstered by steady job gains and record-low mortgage rates.
The National Association of Realtors says sales rose 5.9 percent to a seasonally adjusted annual rate of 5.04 million in November. That’s up from 4.76 million in October.
Previously occupied home sales are on track for their best year in five years. November’s sales were the highest since November 2009, when a federal tax credit that was scheduled to expire spurred sales. Excluding that month, last month’s sales were the highest since July 2007.
Sales are up 14.5 percent from a year ago, though they remain below the roughly 5.5 million figure that’s consistent with a healthy market.