Industry News

Illinois real estate sales pick up

Chicago area shows cooling in first quarter

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Sales of Illinois single-family homes and condos rose 2.1 percent in the first quarter compared to a year ago, and home prices grew at an even stronger pace, the Illinois Association of Realtors reported today. A total of 34,030 single-family homes and condos were sold across the state in the first quarter, compared with 33,318 sales in the same period in 2005. The median home price came in at $197,381 in the first quarter, up 5.6 percent from first-quarter 2005. "The unusually mild winter months helped boost home sales in the first part of the year, while Realtors expect a more moderate pace later in the year as mortgage rates slowly rise," said Stan Sieron, president of the Illinois Association of Realtors. "Following four consecutive record-breaking years for housing in Illinois, the fundamentals for a solid 2006 are in place. Inventory levels are up, mortgage rates are still historically low, and first-quarter indicators show continued economic growth in our region." Th...