News Column

Chicago Homes Sales Get a Year-end Bump

January 23, 2014

Mary Ellen Podmolik, Chicago Tribune

real estate agent
Existing home sales saw a year-end rise in Chicago (file photo)

Jan. 23--Existing-home sales in the Chicago area beat their year-ago comparisions in December, and the burst of year-end buying beat the numbers turned in during November.

The Illinois Association of Realtors reported Thursday that 8,126 homes were sold in the nine-county Chicago area last month, an increase of 8.1 percent from December 2012. In November, 7,752 homes were sold.

December's median sales price rose 18 percent from a year ago, to $177,000, continuing a pattern of higher prices and lower marketing times brought about by a decided lack of inventory available for sale. Last month, there were 29 percent fewer homes listed from sale in the Chicago area, compared with December 2012.

"Consumer interest does not appear to be flagging even in the face of diminished inventories," said Phil Chiles, president of the trade group.

Within the city of Chicago, sales rose 12.5 percent in December, to 2,080 properties sold at a median price of $210,000, up 13.5 percent from a year ago. The sales volume was 2.2 percent higher than in November.

Most economists expect the gain in home prices to slow this year as mortgage rates move up, the economy improves and more sellers list their homes, alleviating an inventory problem that helped push up prices in 2013.

mepodmolik@tribune.com -- Twitter @mepodmolik

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(c)2014 the Chicago Tribune

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Original headline: Year-end rush boosts Chicago-area December home sales


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