Chicago’s recession battered housing market is on its way to recovery after months of struggle, experts say.

“ We are seeing more activity in the housing market with increased listings, more activity at showings, a surge in interest from first-time buyers as well as some improvement in time on market,” said Realtor Pat Callan, president of the Illinois Association of Realtors.

“For the past three months the city housing market has been turning around, and that’s the most positive fact Realtors can report to stimulate sellers and buyers into action,” said Terrie Whittaker, president of sales and marketing for New West Realty.

May existing home and condo sales in the city of Chicago, were up 11.5 percent to 1,537 sales compared to April, 2009 sales of 1,378, reported the IAR. Median prices in the city increased 2.3 percent to $225,000 in May compared with $220,000 in April 2009. In May of 2008, the median price was $319,000.

“Mortgage interest rates are another factor for moving swiftly in this market,” Callan said. “They remain at historic lows but where they will be in coming months is uncertain.”

—Don DeBat