Since you are talking about Lake Forest, IL the answers you are getting here shouldn't have much validity. It's about 2,000 miles away!

Go to the right state first, then choose your city to ask about. Good luck -

Vicki

The median price is best looked at over the long term, not year to year or month to month. If you want to get an accurate look at what is going on, it's better to go with average price per square foot for recent sold properties keeping in mind similar condition (year built, etc...).

The increase (or decrease) in the median pricing simply shows that there are either more lower end homes selling or higher end homes selling. It is not an average. I would interpret it that, money is a little easier to get than a year ago. People are starting to feel more confident in purchasing now or are simply tired of waiting.

Yes, the market is showing signs of life, it's not your imagination. :) The number of sales are up from last year.

The Web Reference below will show you how the "median price" is different from the "average price" of a home.

The CAR (California Association of Realtors) reported that the median price in Lake Forest in July '08 was $432,000; compared to $600,000 in 2007 and change of -28.0%. In August '08 the median was $405,000 compared to $587,500 in '07 which reflects a -31.1% change.

Where did you find your information? Let me know - I would like to look into this further for you. Thank you, Cynthia

Hi M.,

Take a look at the Zippy's as posted by the Orange County Register. Actually pricing is down but year over year # of sales is increasing. Take a look. Also visit my blog for analysis - http://www.OCRealEstateVoice.com