Industry News

Illinois real estate breaks records

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

The Illinois housing market's spring season came in like a lion in March as existing single-family home sales were up 11.5 percent, while the statewide median home-sale price increased 3.5 percent compared to the same period one year ago, the Illinois Association of Realtors reported Tuesday. Statewide sales of existing homes in March totaled 9,577, an 11.5 percent increase from the 8,589 sales posted during March 2003. The March 2004 results are the highest March sales reported on record since the association began reporting statistics in 1990. The median existing single-family home price increased from $164,200 in March 2003 to $170,000 in March 2004. "The itch to get homes ready for spring appeared earlier than expected this year as March activity in the Illinois housing market was the strongest yet on record," said John C. Kmiecik, president of the Illinois Association of Realtors. "People continue to capitalize on the lower interest rates, as well as the solid home-price apprec...