Home sales in Illinois recorded their best May performance since 2007, and year-over-year median sales prices moved into positive territory in the Chicago area for the first time in more than four years, data released by the Illinois Association of REALTORS(R) show.
Statewide home sales (including single-family homes and condominiums) in May 2012 totaled 11,984 homes sold, up 22.1 percent from 9,815 home sales in May 2011. This was the best May performance since 2007 when 14,493 homes were sold in Illinois.
The statewide median price in May was $145,000, up 3.6 percent from May 2011. This was the third straight month of median price increases in Illinois, and marked a $22,650 jump in median prices since January. The median is a typical market price where half the homes sold for more and half sold for less.
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