State News
1:06 pm
Mon July 22, 2013

Illinois home sales up

Sales of existing homes in Illinois were up 14-point-9 percent in June from previous year levels, and median home prices increased 9-point-7 percent according to the Illinois Association of Realtors. Geoffrey Hewings with the University of Illinois’ Regional Economics Applications Laboratory says he’s not ready to call the increases a trend, but he says it’s certainly an improvement from the lower home sales and prices that came with the collapse of the housing bubble.

"This year thus far, we’ve been looking at many, many months with double-digit increases in sales year over year. We’ve been now looking at a couple of months where prices have started to inch back upwards."

The Illinois Association of Realtors says statewide home sales totaled 15-thousand-268 for June, making 24 consecutive months of year-over-year sales increases. The statewide median home price in June was 170-thousand dollars. Hewings says home sales improved in both the Chicago area and downstate Illinois.