The past three months have brought an ongoing increase in Illinois’ home sales, with a total of 8,526 homes sold in April, up from a previous 7,856 sold in March, according to a press release from Illinois Association of Realtors.
Median prices in Illinois also moved up to $136,066 in April, a 4.7 percent increase over March.
While considerable increases were demonstrated within the year, the statistics still show a decrease from last year. April 2010 reigns over April 2011’s sales with 10,897 homes sold, demonstrating a 21.8 percent decline since last year.
Median prices were also down 12.2 percent from last April, when the median price was marked at $155,000.
“Market forces are steadily improving and factors for rising home sales are developing,” said President of the Illinois Association of Realtors Sheryl Grider Whitehurst in the press release.
“This really is the moment both for buyers and those who want to sell and move on because later this year the cost of homeownership will go up. Interest rates are expected to rise above their historic lows and the cost to borrow will rise, too, with changes proposed in the lending market such as higher down payment requirements,” Whitehurst stated.
In April, out of the 98 Illinois counties, 33 showed either year-over-year median price increases or no change in their median price.
Director of the Regional Economics Applications Laboratory of the University of Illinois, Dr. Geoffrey J.D. Hewings, believes the economy is headed toward recovery, with a projected increase in sales volume for the next 2 months in Chicago and Illinois. Hewings stated in the press release that forecasts expect June to be the peak for the year.