Illinois Assoc. of Realtors Unit Home Sales
Each month, the Illinois Association of Realtors publishes a report of Illinois and Chicago real estate unit home sales. The information is valuable for providing
trend and other analysis of real estate sales in Illinois
As can be seen in the chart, both Illinois and Chicago real estate unit home sales have experienced monthly double-digit percent
declines when compared to the same period in the prior year. However, this trend finally reversed itself and unit home sales actually grew on a year-over-year basis in July 2009.
Illinois Assoc. of Realtors Median Home Prices
As part of the monthly unit home sales report, the Illinois Association of Realtors also releases data pertaining to Illinois and Chicago real estate
median home prices.
Since the beginning of the housing crisis, median home prices in both Illinois and Chicago have declined dramatically when compared to the previous year. While the the decline in Illinois and Chicago real estate median home prices seemed to be softening, we experienced a
setback in August 2009 especially in the Chicago real estate market.
National Assoc. Realtors Existing Homes Sales
As part of the monthly unit home sales report, the Illinois Association of Realtors also releases data pertaining to Illinois and Chicago real estate
median home prices. Since the beginning of the housing crisis, median home prices in both Illinois and Chicago have declined dramatically when compared to the previous year. While the the decline in Illinois and Chicago real estate median home prices seemed to be softening, we experienced a
setback in August 2009 especially in the Chicago real estate market.
Case Schiller Home Price Index Index Index
The S&P/Case-Shiller Home Price Indices measures the residential, single-family
housing market, tracking changes in the value of the residential real estate
market in 20 metropolitan regions across the United States.
While this data tracks nicely with the Illinois Association of Realtors' median
home price data, we believe that the disconnect in the August 2009 pricing data
is due to depressed Chicago condo prices which are not included in the
Case/Schiller data.
Commerce Department Housing Starts
Each month the U.S. Department of Commerce releases new residential construction statistics. The chart to the right requires no explanation and we believe that housing starts
will remain flat until the current existing homes inventory is reduced.
Unemployment
In today's credit environment, it is difficult to obtain a mortgage without a job. That is why the unemployment rate is one of the keys to an improvement in real estate sales. While many economists predict that we may have seen the worst of the recession, more job losses will mean more foreclosures and higher inventory levels.