CHICAGO, IL- Evidence continues to pile up that the state's housing market has begun recovering from the collapse of the housing bubble. The Illinois Association of Realtors announced yesterday that a total of 8,502 homes were sold in January, an increase of 31.1 percent over the previous January. Furthermore, the median price for homes increased to $125,000, up 1.2 percent from last year.
“The steady improvement we saw through much of 2012 seems to be continuing in 2013,” said Michael D. Oldenettel, the president of the association.
Buyers and sellers across much of the state have gained confidence. In the nine counties that comprise the Chicago metropolitan area, for example, a total of 6,244 homes were sold, an increase of 36.8 percent. And city of Chicago homebuyers closed on 1,485 homes, an increase of 29.7 percent.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
