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Home sales increase, but prices Remain Low

SHARE Home sales increase, but prices Remain Low

Illinois realtors saw an increase in home sales last month, compared to December of 2008. However, median home prices remain substantially lower than 2008.

Chicago-based real estate specialist Kristin Collins says now is a good time for home buyers and investors, but the news isn’t so good for sellers.

COLLINS: Now is not the time to sell if you’re trying to gain a big profit. If you’re in your homes now, and you’re comfortable now, and you are thinking about selling, I would say to re-think it and maybe just work on the house that you’re in.

Collins says sales are increasing because of the availability of foreclosures and short sales. In Illinois, median home prices dropped 14.6 percent last year compared to 2008, while 1.5 percent fewer homes were sold in 2009, according to the Illinois Association of Realtors. For the year, the median home price dipped more than 22 percent in the Chicago area.

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