Illinois Sees 16.1% Increase in Home Sales

SPRINGFIELD, IL-Illinois home sales in January were the strongest for the month since 2007, according to data released today by the Illinois Association of Realtors. Statewide home sales—which includes single-family homes and condominiums—in January 2012 totaled 6,435 homes sold, up 16.1% from 5,543 home sales in January 2011.

The statewide median price in January was $122,500, down 9.3% from $135,000 in January 2011. The median is a typical market price where half the homes sold for more and half sold for less. Historically low interest rates and prices, along with a consumer and employment gains in the month contributed to the strong showing in home sales, according to the association.