Morning Minute: Illinois and U.S. housing markets pick up in June

The housing market continued to make positive gains in June as home sales and median prices rose in many regions. Available inventory, which has been lower this year, is beginning to increase, giving this summer’s buyers more options as they search for a home.

In Illinois, statewide home sales increased year-over-year for the first time this year, rising 0.1 percent compared to last June. Prices continued their strong trend upward, marking the 22nd consecutive month of annual gains. Read more from the Illinois Association of REALTORS® (IAR).

“After several months of declining annual sales, it’s great to see home sales come roaring back. Increasing prices and sales point to an improving economic situation and a strengthening real estate 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.

And nationally, the news for the U.S. housing market was also promising as existing-home sales rose 2.6 percent in June compared to last month and were at the highest pace since October 2013. Annually, sales were down slightly, 2.3 percent, compared to a year ago.

National Association of REALTORS® (NAR) Chief Economist Lawrence Yun said housing fundamentals are moving in the right direction as inventories increase and price gains are slowing, giving buyers more affordable options. Read more from NAR.

Here’s a roundup of some of the media coverage of the latest state and national housing reports:

Illinois Home Sales and Prices Slightly Higher – WMBD

Home prices rising in Chicago, suburbs – Chicago Sun-Times

IL Home Sales Finally Post Gains – GlobeSt.com

Illinois Home Sales See Slight Uptick in June – National Mortgage Professional

Chicago-area home prices continue climb in June as sales lag – Chicago Tribune

Local foreclosures decline, but still higher than U.S. average – Chicago Tribune

US home sales increase 2.6 percent in June – WAND

Pace of U.S. home resales rises to eight-month high – Chicago Tribune

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