Industry News

Illinois condo demand soars

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Higher interest rates in October slightly cooled the single-family home market but did little to temper condo sales in Illinois, according to the Illinois Association of Realtors. Total home sales (which include single-family homes and condominiums) were 14,097 in October, down 2.9 percent from 14,520 sales in October 2004. Statewide, 4,483 condominium sales were reported in October, up 10.2 percent from 4,069 sales in the same month last year. The overall Illinois median home price in October was $209,900, up 14.1 percent from $184,000 a year earlier. The median is a typical market price where half the homes sold for more, half sold for less. The condo median price for October was $204,900, up 9 percent from $187,990 one year ago. Statewide, single-family home sales were down 8 percent in October to 9,614 homes sold from 10,451 in October 2004. The median single-family home price in October was $212,500, up 17.4 percent from $181,000 a year earlier. Total home sales year-...