Home sales, prices on rise
Home sales and prices were higher in February in the seven-county metropolitan Chicago real estate market, according to an analysis by Re/Max. The number of homes changing hands increased 21 percent and the median price of a home sold last month climbed 4 percent when compared to February of last year.
In its analysis of home sales reported by Midwest Real Estate Data LLC, the regional multiple listing service, Re/Max found that February home sales totaled 5,843 units, up from 4,840 a year ago, while the median price advanced to $141,000 after coming in at $135,900 during the prior February. The average market time, which is the time that a home sold in February spent on the market before a sales contract was signed, fell from 175 days in February 2012 to 143 days this year.
Sales activity rose in each of the seven counties in the metro area during January. Lake and McHenry counties led the way, each with a 37 percent increase. The other gains were 34 percent in Kendall County, 25 percent in Kane County, 24 percent in DuPage County, 17 percent in Cook County and 8 percent in Will County. For the city of Chicago, sales were up 10 percent.
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