Industry News

Illinois home sales in 4-month rut

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Illinois home sales dropped 11.7 percent in July from their year-ago level as prices eked out modest gains, the Illinois Association of Realtors reported today. For the month of July, Realtors recorded 15,973 total homes sales (which include single-family and condominiums), down from 18,089 sales in July 2005. Last month was the fourth straight month of year-over-year sales declines, according to IAR statistics. The Illinois median home sale price in July was $214,000, up 2.4 percent from $209,000 a year earlier. The median is a typical market price where half the homes sold for more, half sold for less. "Rising mortgage rates, rising inventory levels and higher energy costs affected Illinois' housing market in July. The market between home buyers and sellers continues to swing back toward a more typical level," said Stan Sieron, president of the Illinois Association of Realtors. "The Illinois employment picture has been improving in recent months and the demand for housing remains g...