(August 21, 2014) -- Illinois home prices rose again in July, marking nearly two years of annual gains. Home sales dipped as tight credit standards and lower, but improving inventory levels continue to affect the market, according to the Illinois Association of REALTORS®. Read the news release.
Infographic: Home Sales and Prices Up This June
Housing Price Forecast
“While sales in July were weaker than last year, they are still stronger for the same month in any other year between 2008 and 2012. Once again, median prices are still growing robustly,” noted Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois.
“The improving national job market is reflected in a more confident attitude on the part of consumers and home builders, although recent employment growth in Illinois has underperformed both the Midwest and the nation. If the current foreclosure inventory continues to decrease at recent rates, then the inventory will return to pre-recession levels by the end of the year in Illinois.””
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