Home sales and prices are up, leading indicators show...

New numbers from the Illinois Association of Realtors show that Chicago's nine-county area saw a 19.2 percent month-over-month increase in December 2012 over December 2011. For the whole year, 2012 totaled 90,365 sales, up 26 percent from 2011. December's median price was $151,500, up 4.5 percent over that month last year. Regionally, the Illinois Association of Realtors reports, single family home sales were up 17.1 percentRegionally, the Illinois Association of Realtors reports, single family home sales were up 17.1 percent in December with prices showing a 4.3 percent increase; while total condo sales were up 23.1 percent, with prices showing a 6.5 percent gain. Narrowing the focus to the city, Chicago saw a 14.6 percent year over year increase in sales while condo sales increased 17. 7 per cent, year over year. Home prices were up 19.4 percent overall in December versus the same month in 2011. Another key indicator - the number of days a home sits unsold - is down 17.5 percent, from 103 days to 85. The decrease in time on market, says Zeke Morris, president of the Chicago Association of Realtors, "shows a continued clearing of inventory, of both single-family homes and condominiums." But compared to other regions of the country, our year-over-year numbers are not so impressive. Zillow reports that nearly every national market saw big price gains in 2012. Cincinnati and Chicago regions were the two that didn't. Our median sales price in 2012 was $160,000, down 1.5 percent from $162,500 in 2011...more