Industry News

Illinois real estate sales lose strength

Condo market keeps up with last year's pace

Illinois home sales fell for the second consecutive month in May as the state's median-home-price growth slowed to a more moderate pace, according to the Illinois Association of Realtors' latest report. Total homes sales, which includes single-family and condominiums, slipped 2.2 in May to 17,442 homes sold, compared with 17,840 homes sold a year ago. Year-to-date home sales (January through May) totaled 66,161 in 2006, down 1.3 percent from 67,055 homes sold during the same period in 2005. The Illinois median home price in May was $206,000, up 3.1 percent from $199,900 a year earlier. The median is a typical market price where half the homes sold for more, half sold for less. "Residential housing markets are doing very well in Illinois as the market transitions to a more normal pace of buying and selling," said Stan Sieron, president of the Illinois Association of Realtors. "The Illinois employment picture is improving and is a favorable backdrop for the housing market. The supply of...

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