Illinois home sales rallying

Illinois home sales have been on the rise for four months through May, according to the Illinois Association of Realtors.

The Illinois Association of Realtor's latest report found total home sales in May jumped 13.9 percent to 9,736 homes sold, from 8,546 homes in April. The median price for homes in May also increased as well, climbing 2.9 percent to $140,000 from $136,000 a month earlier.

According to a study by RCF Economic and Financial Consulting, the ripple effect of buying a home affects multiple industries and has a huge impact on the economy as a whole. The study found the housing market accounts for $7.9 billion a year in direct and indirect expenditures and 85,677 jobs.

In terms of the Chicago region, Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory of the University of Illinois, predicts its annual sales rate will turn positive statewide in July and August, and median prices for June, July and August will be higher than in May.

Mabel Guzman, president of the Chicago Association of Realtors and a realtor with Envision Real Estate LLC, Chicago, said that condo sales in the city surpassed single-family homes by 30 percent last month. According to Guzman, this shows how condos have become affordable housing choices and could affect the market for the rest of the year.

"Sellers this summer have the opportunity to position their home with a compelling sales price, and leverage low interest rates on the purchase of their next home," Guzman said.  

More News