Chicago home sales in 2013, the best in seven years

Chicago’s housing market saw a spectacular turnaround in 2013 as reported by the Illinois Association of Realtors on Thursday.

The Realtors’ data revealed:

·         In 2013, Chicago-area existing-home sales turned in their best performance since 2006, rising 23 percent from 2012, to 111,427 single-family homes and condominiums sold.

·          The median price climbed 11 percent.

·         Annual home sales in the nine-county Chicago area topped the 100,000--- The first time that since 2006 when 116,527 homes were sold just before the local housing market's bubble burst.

·         Within Chicago, annual sales rose 21.2 percent and the median price rose 19 percent.

·         The final month of the 2013 finished strong, with 8,126 homes in the Chicago area sold, an increase of 8.1 percent from December 2012.

·         The median price in December rose 18 percent from December 2012.

·         Inventory is tight.  There were 32,000 listing in December 2013 compared to 45,000 homes listed in December 2012.

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