Illinois housing market forecast

University of Illinois Economist Geoff Hewings

University of Illinois Economist Geoff Hewings

The Illinois Association of REALTORS® released its 1Q10 Housing Report today showing a sizeable jump in home sales compared to the first quarter of 2009 (up 23.5% statewide, 36.7% in the Chicagoland PMSA, and 41.6% in the city of Chicago).

The increases are largely credited to the homebuyer tax credit incentive and buyer market conditions with low mortgage interest rates and more affordable prices. Looking ahead, sales are expected to remain strong through June, however home prices continue to be affected by foreclosures and short sales.

Listen to University of Illinois economist Dr. Geoff Hewings’ audio podcast for the forecast through June. Says Hewings: “There is increasing evidence that the housing market is stabilizing; in many parts of the country, sales have increased but prices remain stubborn. In places where there have been increases, they are modest. There is no doubt that the downward pressure on prices can be traced to the volume of distressed properties on the market.”

(Photo by L. Brian Stauffer, University of Illinois at Urbana-Champaign)
2010-05-11T16:39:14+00:00May 11th, 2010|Housing Market|4 Comments

About the Author:

Ann Londrigan is Vice President of Member & Association Engagement for the Illinois REALTORS®.

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