CHICAGO—Home sales activity in the seven-county metropolitan Chicago area increased sharply in November, with sales for the month reaching the highest level since 2005, RE/MAX reports. Homebuyers bought 8,019 homes last month, an increase of 18% over the November 2015 total and the most for November since 9,740 homes were sold in November 2005.
It was a remarkable change from the previous month. In October, sales had fallen 5% compared to the same month last year.
“It's difficult to explain why home sales were down in October but were so buoyant in November,” Jack Kreider, executive vice president and regional director of RE/MAX Northern Illinois, tells GlobeSt.com, but he does have a theory. By November, “a boost in interest rates was imminent, and people may have thought that they had better get in before that happens. I was downright shocked by the number of home sales, but really happy.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
