The May 2008 Housing Price Forecast prepared by the University of Illinois for the Illinois Association of REALTORS projects prices will start to recover even though sales will be down from last year. On a positive note, our price decline as been less than 10%, unlike other areas of the country. Some key points presented are:

  • For the next three months, the sales forecasts look to be down (compared to the same months, May through July, 2007) between 18 and 27% for the state and 20 to 30% for Chicago.
  • Median prices are expected to recover in the state in May and June but compared to the same months in 2007, the prices will be down around 6%.
  • Compared to many other metropolitan areas, the Chicago region is still experiencing price declines that are below 10% in contrast to other areas such as Las Vegas, where price declines have exceeded 20%.

The entire report is available to Illinois REALTORS from the Illinois Association of REALTORS .

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