Home Sales Approach Pre-Recession Levels

CHICAGO—The state’s residential housing market continues to accelerate and just posted its best May performance since 2006, according to new data released yesterday by the Illinois Association of REALTORS®. The trade group says that a total of 15,091 homes were sold in May, an increase of 24.4 percent over May 2012. A total of 12,621 homes were sold in April, the best April since 2007. Furthermore, the median price for homes was $155,000, up 6.9 percent from the previous May. 

In addition, the data show that the inventory of homes for sale in May was 64,648 units, a 29 percent drop compared to last year’s 91,009 units. And owners were able to sell their homes in an average of only 83 days, down 19.4 percent from the 103 days it took last May.