Wednesday, November 29, 2006

The Illinois real estate market

Here's a link to the IL Assn. of Realtors release on October housing figures. I don't see a lot of news here...IL median sales prices were off 3.5% from October 2005.

What's the best data to gauge housing market strength? We see the various monthly reports from the different home builder and Realtor associations and I find them of little value. What does the fact that median home prices from year to year changed mean? These figures are comparing a diverse housing product to a different housing product the next year, right? We're not comparing apples to apples. It's a different product.

1 Comments:

At 1:57 PM, Blogger Eric Rojas said...

Peter,

Not sure how I missed this post. I agree with your take on the numbers. What's interesting is some areas that were dominated by single family homes sales, may have a large entrance of affordable condos in a given year... thus dropping the median price of homes overall.

In Albany park, a glut of low end conversions brought the median price down, adjusted to last season, despite record setting "price points" for the area.

That is, many new construction and new conversion developments sold briskly at never before seen high prices for condos in Albany Park.

This isn't a spin, but in Chicago, it can be block to block.

I'll post this on my site... you should really get trackbacks!

 

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