IAR Fast Stats presented by the Illinois Association of REALTORS

Housing Price Forecast

Illinois and Chicago PMSA, 2015

“March was an excellent month for the housing market with robust growth in both sales and prices,” noted Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois. “When adjusted for inflation, median home prices have recovered to 79 percent of their 2008 levels in Illinois and 74 percent of the prior levels in the Chicago PMSA. A further one to three years is anticipated for full recovery in the PMSA.

About the IAR Housing Forecasts

The Illinois Association of REALTORS® has affiliated with the University of Illinois Regional Economics Applications Laboratory (REAL) to develop a housing forecasting model based on Multiple Listing Service sales reported by 31 participating Illinois REALTOR® local boards and associations.

The research links economic indicators with real estate trends and indicators for the state of Illinois as a whole and the Chicago PMSA.

Leading the research team is Dr. Geoffrey J.D. Hewings, director of REAL, Professor Emeritus of Geography, of Economics and of Urban and Regional Planning for the University of Illinois Department of Economics. He earned his B.A. from the University of Birmingham in the United Kingdom and his M.A. and Ph.D. from the University of Washington in Seattle.

His major research interests are urban and regional economic analysis with a focus on the design and application of regional economic models. For this he travels all over the world including several modeling projects in Brazil, Colombia, Japan, Korea and Indonesia.

 

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Dr. Geoffrey J.D. Hewings photo

Dr. Geoffrey J.D. Hewings, director of REAL and Professor Emeritus of Geography, of Economics and of Urban and Regional Planning for the University of Illinois Department of Economics.(photo by L. Brian Stauffer, University of Illinois at Urbana-Champaign)

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