July 2014 Home Sale Prices Up Almost 6 Percent Over 2013

Prices of single-family, detached homes in suburban Chicago increased 5.7 percent in July 2014 compared with the same period a year ago, according to statistics released by the Mainstreet Organization of Realtors.

In several of Patch’s South Suburban communities, the average increase in July sale price of a house significantly exceeded the suburban Chicago average, including Flossmoor, Chicago Heights, Lemont, Homewood, Oak Forest and Palos Heights.

Palos Park, Mokena and Frankfort saw the average July sale price decline year over year.

Palos Hills and Oak Forest saw the largest increase in houses sold, year over year, while Lemont and Homewood saw the largest decreases.

MORe’s region – which includes about 200 communities in DuPage, Lake and suburban Cook counties – experienced gains that demonstrate the market’s increasing health, as reflected in information provided by Midwest Real Estate Data, LLC.

The number of homes under contract also grew last month by 2.7 percent.

“The number of suburban homes under contract continues to trend strong, which will lead to more closings in the fall,” said Michael Parent, president of MORe and Vice President of Operations for Burnet Title’s Chicago Region. “During July and August, buyers typically put their home search on the back burner in favor of family vacations. Market activity cools, then heats back up in September and October.”

In suburban Chicago overall, the five biggest increases in July sales, year over year, of single-family detached homes were:

• Bridgeview: 217 percent increase
• Calumet Park: 200 percent
• Leyden Township: 160 percent
• Palos Hills: 200 percent
• Winfield: 156 percent