Housing Price Forecast
Illinois and Chicago PMSA, 2015
“Sales returned to a more modest long-term annual growth rate in August while prices continued to increase,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois. “Of interest in Chicago was the fact that the median price of non-foreclosed properties remained virtually unchanged while the median price for foreclosed properties increased, contributing to the modest overall price increase. From our data, the percentage of distressed sales among the total sales for the Chicago PMSA was 13.5 percent in August. However, the good news is that it was the lowest August reading since 2009 and much lower than the peak (23.7 percent) in 2010.”
About the IAR Housing Forecasts
The Illinois Association of REALTORS® has affiliated with the University of Illinois Regional Economics Applications Laboratory (REAL) to develop a housing forecasting model based on Multiple Listing Service sales reported by 31 participating Illinois REALTOR® local boards and associations.
The research links economic indicators with real estate trends and indicators for the state of Illinois as a whole and the Chicago PMSA.
Leading the research team is Dr. Geoffrey J.D. Hewings, director of REAL, Professor Emeritus of Geography, of Economics and of Urban and Regional Planning for the University of Illinois Department of Economics. He earned his B.A. from the University of Birmingham in the United Kingdom and his M.A. and Ph.D. from the University of Washington in Seattle.
His major research interests are urban and regional economic analysis with a focus on the design and application of regional economic models. For this he travels all over the world including several modeling projects in Brazil, Colombia, Japan, Korea and Indonesia.
Dr. Geoffrey J.D. Hewings, director of REAL and Professor Emeritus of Geography, of Economics and of Urban and Regional Planning for the University of Illinois Department of Economics.(photo by L. Brian Stauffer, University of Illinois at Urbana-Champaign)