April home sales in Illinois rose for the third consecutive month in 2007.
According to IAR's latest report, total home sales (single-family and condos) were up 9.6 percent in April 2007 to 12,932 homes sold compared to 11,797 homes sold in March 2007. Sales were 12.1 percent below the 14,718 homes sold in April 2006. The Illinois median home price in April was $201,000, off 0.5 percent from $202,000 a year earlier.
"The Illinois housing market continues to progressively up-tick month-to-month. Location and pricing are key factors for getting a home sold,” said IAR President Robert Zoretich. “Recent news regarding economic factors including rising energy costs and tighter lending standards due to the subprime situation has added to the tentativeness factor for buyers leading some to delay home-purchase decisions.
This remains, however, a good time for buyers to view a larger inventory and take advantage of attractive mortgage interest rates and flat prices in some areas.”
Source: IAR Weekly Connection
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