IAR Housing Forecasts

IAR Fast Stats presented by the Illinois Association of REALTORS

Housing Price Forecast

Illinois and Chicago PMSA, 2015

“Spring has come earlier than the weather to the housing market with solid gains in prices even with slight declines in monthly and year-over-year sales,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “Home buyers seem to be differentiating between regular and foreclosed homes for sale with the former gaining increasing shares of sales over the last year and thus propelling the increase in median prices in both Illinois and Chicago.”

About the IAR Housing Forecasts

The Illinois Association of 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)