Housing Forecasts

IAR Fast Stats presented by the Illinois Association of REALTORS

Housing Price Forecast

Illinois and Chicago PMSA, May 2016

“The housing market news for the next three months indicates a continuation of the positive trends in both sales and prices,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois.  “Compared to last month, more people feel it is a good time to sell, but less people feel it is a good time to buy.  Overall, consumer sentiment seems little changed with analysts pointing to the lower than expected April job growth as the probable cause.”

About the Housing Forecasts

Illinois REALTORS® has affiliated with the University of Illinois Regional Economics Applications Laboratory (REAL) to develop a housing forecasting model based on Multiple Listing Service sales reported by 31 participating Illinois REALTOR® local boards and associations.

The research links economic indicators with real estate trends and indicators for the state of Illinois as a whole and the Chicago PMSA.

Leading the research team is Dr. Geoffrey J.D. Hewings, director of REAL, Professor Emeritus of Geography, of Economics and of Urban and Regional Planning for the University of Illinois Department of Economics. He earned his B.A. from the University of Birmingham in the United Kingdom and his M.A. and Ph.D. from the University of Washington in Seattle.

His major research interests are urban and regional economic analysis with a focus on the design and application of regional economic models. For this he travels all over the world including several modeling projects in Brazil, Colombia, Japan, Korea and Indonesia.

 

Breakout Text: 

Dr. Geoffrey J.D. Hewings photo

Dr. Geoffrey J.D. Hewings, director of REAL and Professor Emeritus of Geography, of Economics and of Urban and Regional Planning for the University of Illinois Department of Economics.(photo by L. Brian Stauffer, University of Illinois at Urbana-Champaign)