Industry News

Illinois real estate posts record year

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Continued strong demand for home ownership drove Illinois home sales to an all-time high in 2005, with a slower pace in the last quarter, according to the Illinois Association of Realtors. Total home sales, which include single-family homes and condominiums, were up 2 percent in Illinois in 2005, according to a year-end analysis by the association. In 2005, a total of 183,123 homes were sold across the state, compared with 179,549 sales in 2004. IAR's latest report showed that 40,817 homes were sold across the state in the fourth quarter, down 1.5 percent from 41,442 sales in the fourth quarter of 2004. "The Illinois housing market continues to be a solid driver of the state's economy and, in 2006, Realtors anticipate strong demand for home ownership and favorable price appreciation," said Stan Sieron, IAR president. "Home sales in Illinois tend to follow a seasonal trend with the strongest months being April through September, so it's no surprise that fourth-quarter activity over th...