Industry News

Illinois real estate gains ground

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Sales of existing single-family homes in Illinois were up 3.3 percent in the first quarter compared to the same quarter last year, according to the latest report from the Illinois Association of Realtors. A total of 22,407 existing single-family homes were sold across the state, up from 21,691 sales in the first quarter of 2003.  Robust sales in March helped lift home sales to positive gains in the first quarter despite slower sales in January and February, according to state Realtors. "Realtors experienced slower sales up until March, when spring fever hit and fence-sitters got in the market while interest rates were still below 6 percent," said John C. Kmiecik, president of the Illinois Association of Realtors. "This activity is expected to continue in the short term as buyers find that rates are still attractive and demand remains strong. Given the growing strength of the economy and positive job growth, the long-term picture for housing remains favorable." Statewide, the ex...