Illinois home sales, prices see continued annual gains in October

The Illinois housing market saw October home sales increase 3.7 percent over previous-year levels and median prices rise 13.8 percent, the Illinois Association of REALTORS® reported today.

Statewide home sales (including single-family homes and condominiums) in October 2013 totaled 12,349 homes sold, up from 11,903 in October 2012.  The statewide median price in October was $153,000, up 13.8 percent from October 2012 when the median price was $134,500. The median is a typical market price where half the homes sold for more and half sold for less.

“The intense demand for housing this year has steadily drawn down the inventory of homes on the market,” said Phil Chiles, ABR, CRS, GRI, SRES, president of the Illinois Association of REALTORS® and Broker-Associate with The Real Estate Group in Springfield. “As a result, homebuyers will often find they are paying more for a home than they did a year ago, and they may have to work harder with a broker to find a home that’s the right fit for them due to the lack of inventory.”

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