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by CareyBot

Sales of Illinois single-family homes and condos dropped 6.1 percent in the second quarter compared to the same period last year, while home-price growth slowed to a more normal pace, the Illinois Association of Realtors reported today. A total of 50,867 single-family homes and condos were sold statewide in the second quarter, down from 54,194 units sold in second-quarter 2005. The Illinois median home-sale price in the second quarter rose 3 percent to $208,000, up from $202,000 a year earlier. "Mortgage interest rates continued to edge up in the second quarter and are the major factor in slowing down home sales from their record pace a year ago. But rates in fact remain at a very favorable level for home buyers, especially when you consider they reached 16 percent in the 1980s i...