Home sales rise most in 7 years

Chicago-area buyers took advantage of super-low interest rates to trade up to the extra space they want in the COVID era.

Home sales soared last month in the Chicago area, as did home prices, according to data released this morning by trade group Illinois Realtors.

The increase in both prices and sales volume result from two things: low interest rates and households looking for homes that meet the space needed of a COVID-era lifestyle that includes working and schooling at home.

“The Chicago market was hot in August as homebuyers took advantage of record-low mortgage rate,” Maurice Hampton, president of the Chicago Association of Realtors and owner of Centered International Realty in Beverly, said in comments that accompanied the data. “The spike in sales reflects… Click Here to Continue Reading