Home sales leap 44% in October

 

Sales of Chicago-area homes jumped 44 percent in October from a year earlier, marking the 16th month in a row of rising sales.

 

The Illinois Association of Realtors said Monday that 8,326 homes sold in the nine-county Chicago area last month, the strongest October since 2006. The figure was up from 5,776 sales in October 2011.

 

The report — which follows a 24 percent rise in September — shows a more confident home shopper amid low interest rates and stabilizing prices, said one expert.

 

“The modest recovery of employment conditions and stronger consumer confidence, along with low mortgage rates, are responsible for the solid gain in housing demand,” Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois, said in a news release from the Realtors association.

 

In the city of Chicago, 2,009 homes sold last month, up 53.1 percent from the same period last year.

The sales figures include new and existing homes. The nine-county Chicago area consists of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties.