Industry News

Illinois grows second-quarter real estate sales

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Real estate activity in Illinois remained robust in the second quarter with total home sales up 1.3 percent over the same period last year, the Illinois Association of Realtors reported. A total of 54,081 single-family homes and condominiums sold across the state in the second quarter of 2005, up from 53,410 sales in second-quarter 2004. Year-to-date home sales for the first six months of the year total 87,371, up 2.3 percent from 85,421 in 2004. Sales gains were reported in 46 of 98 Illinois counties reporting in the second quarter; 62 counties reported an increase in median sales price for the same period. "Housing is still bustling largely due to attractive interest rates and more good news than bad for the economy. Illinois' unemployment rate has trended higher than the national rate due to layoffs experienced in the second quarter, but that and higher oil and gas prices have not dampened buyer demand in the housing market," said John Veneris, president of the Illinois Associati...