June Home Sales: Heights Prices Drop; Sales Jump

The 25 single, detached homes sold in Chicago Heights during June 2013 represented a 78.6 percent increase over June 2012, when 14 homes were sold, according to the Mainstreet Organization of Realtors (MORe). There were 15 homes sold in Chicago Heights during May.

While the number of homes sold increased significantly in Chicago Heights, the median home price experienced a moderate decline— decreasing -14 percent to $46,000 from $53,000 in June 2012.

Sales of single-family, detached homes in suburban Chicago increased 17.1 percent in June 2013 compared with the same period a year ago, MORe reported. Sales in the 200 communities MORe gathers information on in DuPage, Lake and suburban Cook counties—experienced notable sales gains last month.

Sales momentum is expected to continue in those communities, as the number of detached homes under contract in June grew by 36.5 percent in those same communities, according to MORe. The median sale price for detached homes also increased 9.5 percent from the previous June, and according to MORe this marks the fourth month in a row of year-over-year price growth.

Nearly all Patch communities in south and southwest suburban Chicago experienced a rise in June home sales compared to last year, with the exception of Evergreen Park, which broke even.

Palos Park experienced the most significant increase in the number of homes sold, up 125 percent from June 2012.

Buyers should look to act soon if they are interested in buying so they lock in today’s low interest rates, said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park.

“A slow and steady growth in home prices, combined with more properties coming on the market, is creating ideal conditions for both buyers and sellers,” she said.