Chicago’s Cook country posted an average 17.2% rise in home prices for first quarter 2014, with a -4.1% fall in sales.
Chicago, IL (PRWEB) May 04, 2014
First quarter 2014 Chicago area home sale activity data is posted on DQnews.com. The 1st quarter results were an increase in home prices but a decline in sales.
Chicago’s Cook country posted an average 17.2% rise in home prices for first quarter 2014, with a -4.1% fall in sales. This figure was compiled from 12,630 home sales for the quarter equally a median home price of $170,000. Prospect Heights, zip code 60070 was recorded as having the highest percentage growth in median home prices at 169.50% based on the sale of 51 properties in the area. Chicago’s zip code, 60636, located in the city’s South Side posted a -58.7% decline in home prices but a 30% rise in properties based on 13 properties sold. People Home Equity was intrigued by areas of Chicago that showed the highest volume of sales combined with an increase in median home prices to highlight where demand in home buying is focusing. The Lincoln Park area, zip 60614, with 295 home sold in the first quarter experienced a 12.2% rise in sales and a 12.9% rise in prices. Another impressive area focused more downtown between State Street and Halsted, zip code 60654, with 239 homes sold, experienced an 18.9% rise in sales and a 25.1% rise in prices.
The mixed data can be attributed to the relentless uptrend in home prices due to low inventories, and an unusually cold winter particularly in the Midwest. Chief Economist, Lawrence Yun, of the National Association of Realtors has echoed this fact before in a March 20th release by stating “We had ongoing unusual weather disruptions across much of the country last month, with the continuing frictions of constrained inventory, restrictive mortgage lending standards and housing affordability less favorable than a year ago.” Peoples Home Equity reminds readers that conditions have and continue to improve regarding home sales. DQnews.com showed on Thursday this week in its “National Home Sale Snapshot” that home sales have increased for the 5th consecutive week! Though the increase can be generally characterized a seasonal it’s a big relief for home sellers and the housing industry in general. Increase housing activity helps stimulate the economy. Mortgage rates have recently fallen due to the weakness in property demand yet Peoples Home Equity thinks it’s only a matter of time before rates resume their trend higher on the basis of increase real estate activity and the Federal Reserve’s persistence to taper quantitative easing. Thus, it’s important to at least get approved for a mortgage now before both home prices and mortgage rates rise again.
If interested in securing a competitive, lower rate mortgage, consider speaking with a Peoples Home Equity loan officer today details at: 262-563-4026.
Stay tuned as Peoples Home Equity will report again soon on the progress of other counties of the Chicago area.