CHICAGO — The median price of a home in the city in July was $250,000 — up 25 percent from July of 2012.
The number of sales of homes, defined as both condos and single family dwellings, was up 31 percent year-to-year, with 2,838 purchased, according to an Illinois Association of Realtors survey.
Chicago condo prices also saw a double-digit increase. The median cost of a condo in the city in July was $280,000, up 13.8 percent from July of 2012, according to the survey, released Wednesday.
The median means that half the homes sold for more and half for less.
Homes are also spending less time on the market: the average was 48 days last month; last July; homes were on the market in the city for an average of 69 days in July of 2012, the association said.
"The market is starting to come together, especially in the condo area that was hard-hit across most areas of the city," Zeke Morris, president of the Chicago Association of Realtors, said in a statement.
"That condos are moving at a strong pace now and prices are also increasing means that both buyers and sellers are feeling confident," said Morris, the managing broker of Keller Williams Realty.
Statewide, the inventory for homes remains low according to Geoffrey J.D. Hewings, director of the regional economics applications laboratory at the University of Illinois,
In a press release, Hewings said the number of foreclosed properties "may have deterred many potential sellers from listing their homes."
Recent analysis, however, "suggests that the level of foreclosed properties may return to pre-recession levels by the end of the year...thus providing some incentive for additional listings," he said.
For the greater Chicago area, the median price for a home in July was $201,075.