Industry News

Illinois real estate sales pick up pace

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Home sales in Illinois rose 18.8 percent in November and the median price of an existing single-family home increased 9.2 percent compared to the same period a year ago, the Illinois Association of Realtors reported today. November existing single-family home sales totaled 9,977, up from 8,398 homes sold in November of 2003. The median price of an existing single-family home in November was $184,000, up from $168,600 in November 2003. The median is a typical market price where half the homes sold for more, half sold for less. Year-to-date sales (January through November) increased 4.3 percent to 117,592 homes sold, compared to 112,698 in sales during the same period of last year. "The surprising number of Illinois home sales reported in November delivered reinvigorating confidence to the financial and real estate market. Keeping this sustainable pace well into the new year will be in direct relation to job and income growth, rising consumer confidence and no dramatic rise in mortg...