State Real Estate Market Outlook
Realty Market Outlook Illinois State Profile - Spring 2006
Office market conditions improved, while residential market activity slowed
Home prices in the state continued to appreciate at a moderate pace while existing home sales declined. During fourth quarter 2005, year-over-year price appreciation in the Chicago metro area increased to 10.7 percent compared with 13.0 percent for the nation. Growth in condominium sales in this urban area slowed to 5.6 percent from a year ago, while single-family homes declined 2.5 percent.
Overall, through the end of 2005, commercial real estate (CRE) vacancy rates in the Chicago metro area remained high, although slightly improved from year-ago levels. Chicago’s downtown and suburban office vacancy rates have declined as employment has strengthened.
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