The recovery in the Illinois housing market shows no signs of slowing down, as July brought big increases in home sales.
According to the Illinois Association of Realtors, last month’s sales were up 28.5 percent over July 2012. Michael Oldenettel, president of IAR, says the report illustrates the market’s significant improvement.
“We’ve already reached a two-year timeframe that we’ve been month-over-month increases in the median sale price in Illinois as well as the number of homes sold,” Oldenettel said. “Absolutely, July was a great month.”
Oldenettel believes the slight increase in interest rates is actually driving sales up, as it motivates buyers who were on the fence to jump in before rates are hiked.
Other positive signs include a drop in the time taken to sell a home. Listings averaged 73 days on the market until sold, down from 95 days in July 2012.