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Housing Forecasts

Housing Price Forecast: Illinois and Chicago PMSA, May 2013

“The housing market is exhibiting signs of a more stable recovery with an anticipated strong early summer led by strong sales gains and more modest but still positive gains in median prices,” noted Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois.  “Average time on the market, the growth in the pending sales index and an increase in the share of total sales captured by more expensive properties point to a return to greater stability in the market.”

• Housing Price Forecasts, May 2013 [2]
• Housing Price Forecasts, First Quarter 2013 [3]

About the IAR Housing Forecasts

The Illinois Association of REALTORS® has affiliated with the University of Illinois Regional Economics Applications Laboratory [4] (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 [5], director of REAL, professor 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.