Tuesday, October 26, 2004

Real estate prices rise, sales slow in Illinois

Sales of existing single-family homes in Illinois were down 3.3 percent in September from the same month a year ago, while prices continued to increase, according to the Illinois Association of Realtors latest survey.

Realtors reported 11,082 home sales last month compared to 11,460 sales in September 2003.

The median price of an existing single-family home increased 5.3 percent over the same period a year ago, to $187,500 in September 2004, from $178,100 in 2003. The median is a typical market price where half the homes sold for more, half sold for less.

Year-to-date sales (January through September) show an overall increase of 4 percent to 97,060 homes sold compared to 93,046 sales in the first nine months of last year. The statewide average home price was up 4.9 percent to $214,400 in September 2004 compared to $204,400 during the same month in 2003.


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