Regional home sales climbed in November
November generated the same robust home sales activity with higher prices that characterized the metro Chicago real estate market in October, according to Re/Max. Those findings are based on an analysis of transaction data compiled by Midwest Real Estate Data, LLC, the regional multiple listing service.
November sales of attached and detached homes in the seven-county area totaled 7,500 units, which is 37 percent more than in November 2011. The median sales price was $155,000, up 3.3 percent from the $150,000 median price recorded 12 months earlier. Average market time, which is the average number of days a home sold in November was on the market before a sales contract was signed, fell from 170 days in November 2011 to 136 days in November 2012.
“Stronger home sales, higher home prices and the accelerated disposition of foreclosed homes support consumer confidence and the belief that the economy has turned the corner,” said Laura Ortoleva, media spokeswoman for the Re/Max Northern Illinois real estate network.
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