July home sales in Illinois surged 28.5% year-over-year, while median prices jumped 14.2%, providing further proof that a once distraught market is on its way to a healthy recovery.
July total home sales in Illinois reached a volume of 16,012 sales, up from 12,461 sales year-over-year, making this the highest level reached since August 2006, the Illinois Association of Realtors said.
Statewide, the median price held at $169,000 in July, a 14.2% increase from July 2012 when the median price hit $148,000.
"Slight increases in interest rates over the past few months have done little to slow interest in homeownership,” said IAR President Michael Oldenettel. “Buyers are clearly comfortable enough with the way the economy is progressing to make a big purchase, and sellers are getting off the sidelines as they see prices begin to erase losses sustained during the recession.”
July’s inventory of Illinois homes for sale hit 67,466 units, down 24.7% from last year’s total of 89,548 properties. Increased demand has homes flying off the market, with the average time spent on market at 73 days, a 23.2% drop from 95 days in July 2012.
But let’s take a look at Chicago, one of the hardest hit metros during the housing crisis.