Home Prices Start Year with Big Gain

CHICAGO—Homes across the state continue to sell at a relatively slow rate, but last month prices did increase 10.4% over the median in January 2014, which provides a solid start to the year, according officials from the Illinois Association of REALTORS®.

“The strong price surge in the first month of the year shows that even in a traditionally slow time for real estate there’s enormous interest in finding a home to buy,” says Jim Kinney, president of the Springfield, IL-based realtor association and vice president for luxury sales at Baird & Warner in Chicago. “Those with homes on the market are definitely seeing traffic and with a slight reduction in inventory levels, sellers are able to command higher prices in many cases.”