The Illinois real estate market continues to move in the right direction with May statewide home sales marking 23 consecutive months of year-over-year increases. Sales totaled 15,091 in May 2013, a 24.4 percent increase compared to last year. It was also the strongest May since before the recession in 2006 when 17,622 homes sold statewide, according to the Illinois Association of REALTORS®. Double-digit sales increases were also seen last month in the Chicago PMSA with a 29.3 percent jump and in the city of Chicago with a 30 percent increase.
“Buyers are still quite bullish when it comes to the housing market and the increase in median home prices reflects that strong demand” said Michael D. Oldenettel, CRS, GRI, president of the Illinois Association of REALTORS® and Managing Broker/Owner with RE/MAX Results Plus in Jacksonville, Ill. “The fact that sales are approaching pre-recession levels is a positive sign that the market has rebounded.”