Illinois Home Sales, Prices Surge in July

Illinois Home Sales, Prices Surge in July

08/22/2013 BY: ESTHER CHO

Rising interest rates did not stop Illinois from posting strong improvements in sales and prices in July, according to data from the Illinois Association of Realtors(IAR).

In July, sales of single-family homes and condominiums in Illinois reached 16,012-the highest level since August 2006. The total represents a 28.5 percent increase from July 2012.

The median price of a home in Illinois also shot up, increasing 14.2 percent year-over-year to $169,000, IARreported.

“Slight increases in interest rates over the past few months have done little to slow interest in homeownership,” said Michael D. Oldenettel, CRS, GRI, president of IAR. “Buyers are clearly comfortable enough with the way the economy is progressing to make a big purchase, and sellers are getting off the sidelines as they see prices begin to erase losses sustained during the recession.”

Inventory still remained low compared to last year. With 67,466 homes available for sale, inventory is down 24.7 percent from to last year. On average, homes were also taken off the market in 73 days, down from 95 days a year ago in July.

Out of 102 Illinois counties, 62 reported annual increases in sales, while 49 saw median prices rise over last year.

Sales and prices were also up in Chicago. In the Windy City, the number of homes sold jumped 31.1 percent year-ver-year, while the median price rose 25 percent to $250,000. Homes in Chicago lasted on the market fo ran average of 48 days, down from 60 days a year ago.

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