Sales of residential homes in the seven-county metro of Chicago followed a pattern similar to January: rising prices, but the pace of sales slower when compared to the same month last year.
According to an analysis by RE/MAX, bitter weather and a small inventory of homes for sale were the primary factors causing reduced sales activity. The report commented, "Mortgage interest rates, which remain comfortably under 5 percent for 30-year fixed-rate loans, continue providing stimulus to the housing market."
The median sales price of attached and detached homes sold in the area rose 13 percent to $157,900 when compared to February of the previous year.
Homes sold dipped 8 percent to 5,507 units and spent an average of 110 days on the market—33 days less than a year earlier.
Foreclosures and short sale numbers dipped slightly compared to 2013, dropping from 49 percent in 2013 to the current figure of 45 percent.
Foreclosed properties alone accounted for 33 percent of all February sales. "The median sales price for a foreclosure was $85,000, 9 percent more than a year ago," the report said.