Chicago-area home sales jump 72% in November
By: Eddie Baeb Dec. 22, 2009

(Crain's) - Chicago-area home sales soared 71.6% in November compared with the same month last year, according to the Illinois Assn. of Realtors.

CHICAGO-AREA SALES
Below is a monthly year-over-year comparison of home sales (single-family and condo) in the nine-county Chicago area.
Month 2009 2008 Change
January 2,965 3,927 -24.5%
February 3,082 4,326 -28.8%
March 4,260 5,759 -26.0%
April 4,747 6,094 -22.1%
May 5,634 6,927 -18.7%
June 7,140 7,806 -8.5%
July 7,427 7,408 0.3%
August 7,009 6,917 1.3%
September 6,862 6,477 5.9%
October 7,286 5,467 33.3%
November 6,826 3,978 71.6%

Source: Illinois Assn. of Realtors
The group cited pent-up demand from buyers, low interest rates and the federal tax credit for first-time home buyers as the reason for the fifth straight monthly year-over-year improvement for the Chicago metro area.

Home sales in November and October of 2008 were extremely low as the worst of the nation's financial crisis was hitting.

"November's sales surge reflects the rush to beat the tax-credit deadline," Mike Onorato, the association's president, said in a press release. The tax-credit deadline was extended from November through April 30, 2010.

Median prices in the Chicago area, however, continued to fall.

In November, the region's median price - where half the homes sold for more and half sold for less - was $189,000, down 9.1% from $207,995 in November 2008.

Total sales in the region, including single-family homes and condominiums, were 6,826 compared with 3,978 in November 2008.

In the city of Chicago, November sales were up 69.9% to 1,859 compared with 1,094 homes sold in November 2008. The median price in the city was $215,000, down 3.4% from November 2008.

Statewide, home sales totaled 10,361 in November, up 64% from the same month last year. The statewide median price was $155,000, down 4.3% from November 2008.

Last month, the average interest rate was 4.93% for a 30-year fixed-rate mortgage, according to the Realtors' release, down from 5.0% in October.

The Illinois Assn. of Realtors' sales figures include new and existing homes. The nine-county Chicago Primary Metropolitan Statistical Area consists of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.