Houses Are Selling in Illinois: March Sales Up 35%

Would you like to hear some good news for a change on the residential real estate market?  According to the Illinois Assocation of Realtors, March 2009 sales of existing homes has increased 35.5% from February.  Not only are houses selling, the median price statewide has bumped up 21%  to $150,000 as well.  Finally, home owners and sellers have something to cheer about after a tough last 18 months in the market.
It’s likely too early to tell if this data is a long term trend but after the last year or so of falling values, news such as this points to an encouraging future.  Many positive signs are there in Chicago Real Estate News market such as pent up demand, near record low interest rates and federal tax credit incentives for first time home buyers.  Some experts point to stabilization of home values as an indicator of  more good news to come.
“Interest rates remain near record lows while recent reports on housing affordability, the pending home sales index and home builder confidence are on the rise,” said Pat Callan, president of the Illinois Association of Realtors.  “And while still lower than a year ago, both statewide home sales and the state’s median home price were up from February 2009 and that is a step in the right direction. Stabilized prices will lead the way to a housing market recovery.”
Illinois Association of Realtors Article –