Chicago-area home sales rise 19 pct in DecemberSouce:Xinhua Publish By Thomas Whittle Updated 23/01/2013 9:14 am in World / no comments
CHICAGO, Jan. 22 — Sales of existing homes in nine- county Chicago area rose 19.2 percent year on year to 7,372 single- family homes and condominiums in December 2012, the best monthly sales reported since December 2006.
Illinois Association of Realtors reported Tuesday that the median price of home sales was 151,500 U.S. dollars, rising 4.5 percent from 145,000 dollars in December 2011, but still far below the market high of 247,800 dollars reported in December 2007.
Recovery of real estate market is more evident within the city of Chicago, where home sales rose 14.6 percent to 1,806 units at a median price of 185,000 dollars, up 19.4 percent from the 155,000 dollars in December 2011.
Home inventory in Chicago has plunged compared to a year ago. There were 14,183 homes for sale in December 2011. Last month, there were 8,036 listed properties, or 43.3 percent less.
A total of 90,365 homes were sold in the Chicago area in 2012, a 26.7 percent increase from 2011, while the median price slipped 1.5 percent to 160,000 dollars.
According to the Federal Home Loan Mortgage Corp., the average commitment rate for a 30-year, fixed-rate mortgage in the Chicago area was 3.32 percent in December, compared with 3.33 percent in November and 3.94 percent in December 2011.