Morning Minute: May Illinois home sales and price gains making news

Image: Bigstock

Image: Bigstock

The Illinois housing market was in full bloom in May with more homes selling than last year at this time and at a higher average state median price. In May, statewide home sales totaled 16,150 units sold, a 6.0 percent increase from May 2015. The statewide median price was $194,000, up 7.2 percent from a year ago.

“Inventories continue to be tight across the state as buyers scour the market for deals. The pronounced demand we have seen for more than a year appears to be setting this selling season up to be one where homes go quickly and for more money, which is a huge advantage for sellers,” said Mike Drews, GRI, Illinois REALTORS® president and broker-associate with Charles B. Doss & Co. in Aurora.

Read the Illinois REALTORS® news release and find media coverage of the state’s housing market momentum below.

In other headlines:

Chicago-area home sales rise in May, up 7.5 percent from last year – Chicago Tribune

Chicagoland real estate is hot heading into summer – Chicago Agent

Home sales surge again – Crain’s Chicago Business

Latest Sales Figures Show Ill. Housing Market ‘Robust’, Despite Economic Uncertainty – WCBU Radio

Chicago housing market moves forward in May – Builder Online

DeKalb County home prices up in May as sales fell – Daily Chronicle

Existing-Home Sales at Highest Pace in 9 Years – National Association of REALTORS®

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