The average selling price of an existing home in the Chicago area was $116,943 in June, reports Century 21 Northern Illinois. This was a slight drop from the $117,114 average in May, but higher than the $114,603 average in June, 1991.
Despite the average selling price increase for the Chicago area, only Chicago`s South Side and the south suburbs experienced local price gains. All other city and suburban areas recorded slight price declines compared to June of last year.
The South Side had the region`s greatest increase, with an average selling price of $103,804 that was up 24.2 percent over the $83,586 in the same period last year.
The south suburbs logged an average price of $93,652, compared to $90,353 in June, 1991.
The average number of days homes were on the market was 41.9 compared to 41.4 a year ago. Homes were on the market the longest in the north suburbs, with a 58.8 day aveage, while the southwest suburbs had the shortest time with 32.7 days.
The average interest rate in June was 8.9 percent, compared to 9.5 percent in June a year ago.
”The real estate market clearly picked up in June after lagging slightly in May,” said David Arts, senior vice president/CFO of Century 21 Northern Illinois.
”Interest rates continued to drop, yet did not cause the tumultous market one might expect,” he said.
