March 26, 2012 (Shirley Allen)
Monthly sales of existing homes and condominiums in Illinois surged to their highest levels since 2008 in February but home prices remained unaffected by the sudden demand and continued marching downward according to the latest data from the Illinois Association of REALTORS® (IAR).
An estimated total of 7,067 existing homes and condos were sold in the Land of Lincoln in February, the most for that month since 2008. Home sales were 9.8 percent higher than the 6,435 homes sold in January and were 25.4 percent higher than the 5,634 homes sold in February 2011.
The median sales price for an existing home in Illinois declined 3.0 percent to $118,800 from $122,500 in January and was 6.8 percent lower than the median price of $127,500 in February of last year.
In the nine-county Chicago Metropolitan Statistical Area (MSA), sales of existing homes and condos totaled 4,884 in February, up 9.8 percent from 4,447 homes sold in January and up 29.6 percent from 3,769 homes sold in February of 2011.
The median sales price for a home in the Chicago MSA was $135,000 in February, down 3.6 percent from a median price of $140,000 in January and down 11.5 percent compared to February of last year when the median sales price was $152,500.
Tags: existing homes, condos, sales, median home prices, Illinois
