CHICAGO, IL- The state's residential housing market continues to improve, although there were fewer homes sold in February than in January. The Illinois Association of REALTORS® announced yesterday that a total of 8,213 homes were sold in February, an increase of 16.2 percent over the previous February. A total of 8,502 homes were sold in January. Furthermore, the median price for homes remained $125,000, the same as January, but up 5.1 percent from the previous February.
“The first two months of the year are typically slower in the real estate business, but so far we've seen an encouraging number of sales,” says Michael D. Oldenettel, president of the association and managing broker and owner with RE/MAX Results Plus in Jacksonville, IL.
Buyers and sellers in most regions were more active. In the nine counties that comprise the Chicago metropolitan area, for example, a total of 5,935 homes were sold, an increase of 20.2 percent over the previous February. And city of Chicago homebuyers closed on 1,378 homes, an increase of 10.2 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.
