Chicago and Virginia markets prepped for successful second quarter

Remax recently reported the metropolitan Chicago real estate market showed notable gains in home sale transaction volume, median and average prices in June compared to May and the first half of 2011.

The Chicago metro area reported a 12.9 percent increase in home sales from May to June 2011, a 6.5 percent increase in median sales price and a 7.9 percent rise in average sales price. All of these figures represent the highest recorded for 2011 thus far in the area. Another sign of a strengthening market, the percentage of distressed home sales was 36 percent in June, down from 41 percent in May.

But the results still lagged behind June 2010, when the federal homebuyer tax credit generated the largest number of home sales in a single month since the summer of 2007.

The Virginia Association of Realtors recently reported that the Virginia housing market is ready for a strong second half to 2011, after slower home sales in the second quarter. While second quarter numbers fell short of numbers from the second quarter 2010 due to the federal tax credit, Virginia home sales increased 39 percent between the first quarter and second quarter in 2011.

"Virginia is seeing economic improvements in its housing market, which is reflecting decreased numbers of unemployment across the state," said John Dickinson, president of Union Hall Virginia Association of Realtors. "This is traditionally a strong indicator of the overall health of a region." 

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