Chicago-area home sales down, but prices up in December

Nine-county Chicago area saw a 3.7 percent year-on-year decrease in homes sales in December 2014, but the median price rose 4.2 percent from December 2013.

In the nine-county Chicago area, 7,971 homes, including single- family homes and condominiums, were sold in December 2014, down 3. 7 percent from December 2013 sales of 8,278 units, Illinois Association of Realtors said in a report Friday.

The median price in December was 184,000 dollars, up 4.2 percent from 176,500 dollars a year ago.

The city of Chicago saw a 6.8 percent year-on-year home sales decline in December with 1,992 homes sold, but the median price rose 9.2 percent to 229,250 dollars, the report showed.

For the year, 104,379 homes were sold in the Chicago area, down 6.5 percent from 2013's sales volume of 111,672. The 2014 median price of 194,000 dollars, though, was 9.3 percent higher than in 2013.

Across the state of Illinois, home sales in December 2014 totaled 11,397 units, down 0.9 percent from 11,499 units in December 2013, the report said, adding that the statewide median price in December was 154,000 dollars, up 3.7 percent from a year ago.

Illinois home prices continued to recover with median prices showing year-over-year gains every month in 2014. Home sales, while modestly lower than 2013, pointed toward a stabilizing market, according to the Illinois Association of Realtors. Endite