(June 23, 2014) -- May Illinois home prices rose 8.3 percent and home sales decreased 9.4 percent compared to May 2013, while the trend continues of recent month-over-month sales gains, according to the Illinois Association of REALTORS®. Read the news release.
New! Infographic: Illinois Housing Market Faststats 1Q14
Housing Price Forecast
“The housing market continues to provide evidence of a return to more normal conditions,” noted Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois. “Sales continue to increase on a month-to-month basis although they have been unable to match the stellar gains of last year. The impact of foreclosures continues to decrease with the expectation that the numbers of foreclosed properties on the market will return to pre-recession levels sometime in the next 6-12 months. Homeownership rates for retiring Baby Boomers continue to increase providing some potential medium-term housing market growth opportunities.”
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WhyIBuy is a project of the Illinois Association of REALTORS® that aims to better understand the opinions and motivations of homebuyers across the state. Learn more. (Data is updated as of August 2013 and is collected throughs urveys.)
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