Here is your preview of the Illinois Association of Realtors’ release in 2 weeks of November home sales for the city of Chicago: it was another stellar month with sales up by 26.6% over last year. That’s the 17th straight month of increases in home sales over the previous year – the last 9 of which have been double digit percentage increases.
The graph below shows monthly home sales in Chicago going back to January 1997. All the November data points have been flagged in red for easy comparison and the light blue line represents a 12 month moving average that smooths out the considerable seasonality in the numbers.
As you can see there is a clear pattern of the sales decline bottoming and this last November was the second best in the last 5 years. The only reason it wasn’t the best is because November, 2009 was distorted by government meddling in the housing market with their $8000 giveaway program.
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