Home Sales Hit Seven-Year High

CHICAGO—Illinois home sales in July hit their highest level since August 2006, and experts say the summer boom shows once again that the recent rise in interest rates has not deterred buyers. According to statistics just published by the Illinois Association of REALTORS®, a total of 16,012 homes were sold in July, an increase of 28.5 percent over July 2012. Furthermore, the median price for homes was $169,000, up 14.2 percent from the previous July. The trade group says that this marks 25 consecutive months of year-over-year sales increases.

In addition, the data show that the inventory of homes for sale in July was 67,466 units, a 24.7 percent drop compared to last year’s 89,548 units. And owners were able to sell their homes in an average of only 73 days, down 23.2 percent from the 95 days it took last July.