Realtors: Home sales grew 9.2 percent in July

DOWNERS GROVE - For the sixth consecutive month, three key indicators continue to rise, according to statistics released today for the month of July by the Mainstreet Organization of Realtors.

Homes sold in the region increased 9.2 percent compared to July 2014, according to the group, while median sales price of detached (single-family) homes rose 3.2 percent. The number of homes that went under contract for sale rose 19.2 percent.

"July was another terrific month for home sales in the Chicago suburbs," said Pradeep Shukla, president of MORe and managing broker of RE/MAX Renaissance in Des Plaines. "This makes the market buoyant and depicts signs of sustained improvement."

The average number of days a home stayed on the market in MORe's region - which includes about 200 communities in DuPage, Lake and suburban Cook counties - has decreased steadily over the past four months and is down from 117 days in April 2015 to 87 days in July 2015, according to information provided by Midwest Real Estate Data, LLC.

"Slow and steady wins the race, which is how the U.S. economy is recovering," Shukla noted. "The job market is strong and incomes are increasing, which is keeping consumer confidence high. I expect the confidence to remain high in the near future, which will lead to continued positive growth."