CHICAGO—The state's residential housing market continues to accelerate and just posted its best April performance since 2007, according to new data released yesterday by the Illinois Association of REALTORS®. The trade group said that a total of 12,621 homes were sold in April, an increase of 25.3 percent over the previous April. A total of 10,992 homes were sold in March. Furthermore, the median price for homes was $145,900, up 7.7 percent from the previous April.

In addition, the data show that the inventory of homes for sale in April was 62,503 units, a 30.6 percent drop compared to last year's 90,041 units. And owners were able to sell their homes in an average of only 89 days, down 19.8 percent from the 111 days it took last April.

"The spring numbers are very encouraging, especially as we see substantial tightening of the numbers of homes on the market," said Michael D. Oldenettel, president of the association and managing broker and owner with RE/MAX Results Plus in Jacksonville, IL. "While prices are inching up slightly due to strong demand, the interest rates continue to be a powerful lure for those who want to own a home and the spring housing market looks to be a strong one."