CHICAGO — The median sale price for a condo in Chicago was $320,000 in May, up 2.9 percent from a year earlier.
Compared with May of 2014, the median sale price of a single family home in the city was $215,000, or 17.8 percent higher than May of 2015, according to a report released Monday by the Illinois Association of Realtors.
The number of homes — combining single family and condos — has tightened, with 10,152 on the market last year compared to 9,230 in May of 2015, the report said. More homes were sold in May of 2015 than a year previous, 2,700 to 2,453.
Homes were also selling faster in the city, from 50 days to 46 days.
"Chicago has seen home buyers enter the market with vigor," Hugh Rider, president of the Chicago Association of Realtors said in a statement. He said the increase in prices and inventory level shows "consumers are comfortable with buying in the city and they believe the investment is worth paying a bit more."
The median sale price means that half sold for more, half sold for less.
In the nine-county metro area, the median condo price was $190,000 (up 8 percent) and single-family homes was $235,000 (up 5.9 percent.)
Meanwhile, the National Association of Realtors said that sales of existing homes across the country hit the highest pacer in six years, rising 5.1 percent from April of this year.
A rush of first-time buyers is helping move the market, experts say, as well as the forecast for rising mortgage rates, perhaps in September.
Also, "lower down-payment requirements from government-sponsored enterprises, rising rents and a brighter employment picture are persuading more Americans to become homeowners," said Bloomberg news.
For more neighborhood news, listen to DNAinfo Radio here:
