Single-family home sales in the Chicago suburbs grew 41 percent in February 2013, compared to the same month in 2012, according to data provided by the Mainstreet Organization of Realtors (MORe).

In the south suburbs, sales in the majority of Patch communities aligned with this trend, with 10 out of 14 towns experiencing an increase in sales, three towns experiencing a sales decrease and one town remaining the same year-over-year.

Fourteen homes were sold in Homewood in February 2013, compared to 11 in February 2012—a 27-percent increase. In Flossmoor, fewer homes were sold in February 2013—9, compared to 11 in February 2012—for an 18-percent dip. 

Evergreen Park saw the most growth in the Southland, with 23 homes sold in February 2013 and only five homes sold one year prior, totaling a 360-percent increase in sales.

Sales in Palos Hills decreased by the largest percentage in the area, dropping from three houses sold in February 2012 to one house sold a year later.

Median home prices decreased in six of the 14 south suburban Patch communities, with prices in Orland Park dropping the most year-over-year, from $280,000 to $210,000, or 25 percent.

In Palos Hills, median prices rose the highest, from $140,000 to $222,000 year-over-year.

Regional growth trends are expected to continue in the coming months

“In many cases the cost of buying a home today is cheaper than renting,” said Tonya Corder, who is the president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park. “When you factor in affordable home prices and historically low interest rates, today’s market represents a ‘perfect storm’ of conditions that may not exist again in our lifetimes.”

SOURCE: Mainstreet Organization of Realtors.