IAR Fast Stats presented by the Illinois Association of REALTORS

Housing Price Forecast

Illinois and Chicago PMSA, August 2014

“While sales in July were weaker than last year, they are still stronger for the same month in any other year between 2008 and 2012.  Once again, median prices are still growing robustly,” noted Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois.

“The improving national job market is reflected in a more confident attitude on the part of consumers and home builders, although recent employment growth in Illinois has underperformed both the Midwest and the nation. If the current foreclosure inventory continues to decrease at recent rates, then the inventory will return to pre-recession levels by the end of the year in Illinois.” 

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 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 of Geography, Economics and Urban and Regional Planning. (photo by L. Brian Stauffer, University of Illinois at Urbana-Champaign)

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