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CHICAGO HOME PRICES INCREASE - FIRST TIME SINCE JUNE, 2008! But . . . Mixed Signals Persist.

UNIT SALES CONTINUE TO RISE - CHICAGO CONDOS, SUBURBAN HOMES SHOW PRICE DECLINES!

Is the Chicago Real Estate Market beginning to gain its stride once again?  It depends on what statistics you are looking at!

Considering Single-Family Homes in the City of Chicago, median home prices in April jumped 3.2%, versus April, 2009.  According to data compiled by the Illinois Association of Realtors, as reported in the Chicago Tribune by Mary Ellen Podmolik, the Median Price of single-family homes sold within Chicago was $155,000 last month - an increase of 14.8%. 

Taking into account, citywide, the combined figures of detached homes and condos, the median price spike was 3.2%, to $225,000.  Total units sold - detached homes and condos - increased 41.1% year-over-year - the eighth straight month of unit sales increases here.

However, when looking at only condos within the Chicago City Limits, the median sale price dipped 3.9%, to $278,012, despite the fact that unit sales in April increased 53.9% versus April, 2009. 

Across the entire Chicago Metro Area, prices actually decreased 0.5% in April.  All of the nine counties comprising the Chicago Metropolitan Statistical Area and some Outlying Counties saw unit sales gains as high as 77% in April, 2010, compared to a year earlier. 

Cook County - the county in which the City of Chicago is located - posted only a modest 1.8% median home price increase in April, 2010 versus April 2009.   The Median County-Wide Single-Family Home Price - $195,000.  North Suburban Lake County IL showed the largest year-over-year Median Home Price increase - 11.2%, to a $200,000 Median Price in April.

Some positive indications, yes!  But questions remain over the staying power of any housing market recovery these days.

Unemployment tops 11% in the Chicago Metro Area.  Further, many worry that the expiration of the Fed Homebuyer Income Tax Credit - which provided first-time buyers and select repeat buyers with up to an $8,000 Income Tax Credit before expiring the end of April (purchase contracts must have been written last month, to close no later than June 30th to qualify) - may draw down the pool of buyers this summer.

Indeed, according to a study by Campbell/Inside Mortgage Finance, only 43.2% of home buyers in April were purchasing their first home, thus qualifying for the credit.  In March, just over 48% of all home buyers were first timers.  It will be bellwether to see how many first-time homebuyers remain in the market this month, now that the Fed Tax Credit has expired for new written contracts.

For the week ending May 14th, a Mortgage Bankers Association survey indicated new Mortgage Loan Applications plummeted 27% versus the previous week, and a total of 20% over the past 30 days.  That's the lowest level of mortgage applications in the last 13 years!

DEAN MOSS & DEAN'S TEAM CHICAGO

Posted: Tuesday, May 25, 2010 11:50 AM by Dean's Team

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