CHICAGO— Illinois home prices have now marked 20 consecutive months of year-over-year gains, but a depressed inventory has also become a pattern, according to officials from the Illinois Association of REALTORS®. The organization just published statistics which show a decline in April home sales, at least compared to April 2013, and a decline in available inventory.
“Inventory levels are tight but improving slightly and mortgage rates are still fairly low, giving consumers more buying power,” says Phil Chiles, president of the state association and broker-associate with the Real Estate Group in downstate Springfield. "Sellers who have been putting off a decision to list could find this spring is the right time to sell to take advantage of pent-up buyer demand and less market competition."
In April, a total of 11,845 homes were sold, including condos, down from 12,846 in April 2013. The association's data also show that only 63,406 units were available, down 10.9% compared to last year.
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