Max Schanzenbach and Diane Schanzenbach bought a four-bedroom, 3.5-bath home at 518 Park Ave. in Wilmette from Barbara Perce and Hyde C. J. R. Perce for $1.045 million on July 25.

The 3,911-square-foot house was built in 2003 in South Central Wilmette.

Dr. Max Schanzenbach is director of the Searle Center on Law, Regulation, and Economic Growth and is currently the Benjamin Mazur Professor of Law at Northwestern Law School.

He received his B.A. from the University of Oklahoma, his J.D. from Yale Law School and his Ph.D. in economics from Yale University.

Diane Schanzenbach is an associate professor of human development and social policy and a faculty fellow in the Institute for Policy Research at Northwestern University. She is also a faculty research fellow at the National Bureau of Economic Research and a visiting scholar at the Federal Reserve Bank of Chicago.

She received a B.A. in economics and religion from Wellesley College and a Ph.D. in economics from Princeton University.

According to BlockShopper.com, there have been 288 home sales in Wilmette during the past 12 months, with a median sales price of $611,500.

Address: 518 Park Avenue
Buyer(s): Max Schanzenbach and Diane Schanzenbach
Seller(s): Barbara Perce and Hyde C J R Perce
Sale date: Jul. 25, 2011