(August 20, 2015) - The strong summer housing market continued in July as home sales and median prices posted robust gains while the time it took to sell a home declined, according to the Illinois Association of REALTORS®. Read the news release.
Infographic: July Housing Market Snapshot
Housing Price Forecast
“Sales growth, on a yearly basis, returned to more modest rates last month after the rapid monthly change the previous month,” said Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois. “Prices in Illinois are forecast to grow more strongly than in Chicago, although the gap is narrowed when using the new REAL Housing Price Index that captures house characteristics. Foreclosures continue to play a smaller role in the housing market and while the foreclosure inventory is relatively unchanged, sales prices for foreclosed properties continue to increase."
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