Illinois home sales increased 31.1 percent over previous-year levels in January and median prices increased 1.2 percent, according to the Illinois Association of REALTORS®. Statewide home sales (including single-family homes and condominiums) in January 2013 totaled 8,502 homes sold, up from 6,484 in January 2012.
“Foreclosures continue to dampen price gains and reduce inventory levels as prospective sellers are wary of the effect these properties have on their own prospects,” said Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory at the University of Illinois. “However, the sales volumes are impressive and with foreclosure sales continue to outpace new additions, there is some expectation that over the next year, prices might start to move upward in some sustained fashion.”