Industry News

Illinois third-quarter real estate sales rise

Condo prices nearly outpace single-family home values

Illinois residential sales posted solid growth in the third quarter, as total home sales grew 3.9 percent from a year ago, according to the latest report from the Illinois Association of Realtors. A total of 54,749 single-family homes and condominiums sold across the state in the third quarter of 2005, up from 52,682 sales in third-quarter 2004. Year-to-date home sales for the first nine months of the year totaled 142,207, up 3 percent from 138,077 in 2004. "After a slight breather in July, sales in August and September were especially robust compared to past years with Illinois Realtors logging record sales of both single-family homes and condos for those months. Strong demand remains for housing and any slight rise in interest rates over the period did little to concern motivated buyers," said Stan Sieron, president of the Illinois Association of Realtors. "For the quarter, rates were below 6 percent and have been a driving force in the five-year housing boom. Strong demand an...