Industry News

Illinois real estate sales slow

Single-family transactions ease 5.4% in January from a year ago

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Winter weather put a seasonal wrap on home sales in Illinois in January with sales of existing homes down 5.4 percent compared to the same period one year ago, according to the Illinois Association of Realtors. Price appreciation remains healthy with the median, existing single-family home price up 3.7 percent from $160,300 in January 2003 to $166,200 in January 2004. January's 2004 total sales volume of 6,125 sales were down from 6,474 one year ago. "January sales typically are the lowest month recorded each year in Illinois due to the snow and cold temperatures, which make for unfavorable house-hunting conditions," said John C. Kmiecik, president of the Illinois Association of Realtors. "Home prices remain favorable in Chicagoland and throughout the state and with interest rates still attractive and the economic picture brightening, we expect sales to remain healthy after the winter slowdown." The average home price registered $195,500 in January of this year, up 4.2 percent f...