Chicago Area Home Sales – Best February in 7 Years

Read the full article on Chicago Real Estate Daily by Crain’s Chicago Business, here.

IAR year over year change in home sales

“The Illinois Association of Realtors said Thursday that 5,935 single-family homes and condominiums sold in the nine-county Chicago area last month, up more than 20 percent from 4,936 sales in February 2012. The month was the most active February since 6,807 homes sold in February 2006.

February also marked 20 straight months of year-over-year sales gains, an encouraging sign for local housing as it enters the busiest part of the year. Yet some speed bumps remain, including the rising number of local homeowners whose homes are worth less than their debt.

The recovery is just starting to take hold in pricing, with Chicago-area home prices rising 2.2 percent last year from 2011 but still lagging national gains, according to the closely watched S&P/Case-Shiller indices.”