Homes sales in Illinois, particularly in Chicago, showed impressive gains in April.
April home sales in Chicago were up nearly 20 percent from last year, and the state of Illinois was not far behind with a yearly increase of 15.7 percent.
According to the latest data from IAR, prices were similarly positive, with Chicago’s rising 9.3 percent from 2011 and Illinois’ by 3.8 percent.
Bob Floss, the president of CAR, said a number of factors went in to the positive data.
“With rents in the city of Chicago increasing, paired with a limited supply of rentals available, renters are reviewing their options,” Floss said. “Historically low interest rates and great opportunities in the market are compelling to both first-time and move-up buyers looking to spend their dollars wisely and own their own home.”
Other important stats from IAR’s report included:
- Illinois’ North Central region had an average 30-year FRM of 3.89 percent in April 2012, down from 3.99 percent in March and 4.87 percent last April.
- For the nine-county Chicago Primary Metropolitan Statistical Area, home sales were up 19.3 percent from April 2011, though price was down 1.5 percent.
- Median prices in DuPage were up 10 percent to $209,000, and in Kane, up 9.3 percent to $153,000.
Loretta Alonzo, the president of IAR, said the mixture of prices and sales signal good things for housing.
“The fact that median prices remain steady and sales continue to outpace previous-year levels is a positive sign for the housing market,” she said.