May Home Sales

Illinois housing market improves in May; sales up 17.3 percent from April. Illinois REALTORS statewide reported an upswing in home sales in May from April 2008, according to IAR's May housing report. Total home sales (single-family and condominiums) were up 17.3 percent in May 2008 to 11,173 sales compared to April 2008 sales of 9,523; year-over-year sales were down 22.9 percent from May 2007 totals of 14,493. The Illinois median price in May reached $190,000, down 7.3 percent from $204,900 in May 2007. Information from Illinois Association of Realtors.

Existing-home sales increased in May with buyers responding to lower home prices, according to the National Association of REALTORS. Existing-home sales—including single-family, townhomes, condominiums and co-ops—increased 2.0 percent to a seasonally adjusted annual rate of 4.99 million units in May from a level of 4.89 million in April, but are 15.9 percent below the 5.93 million-unit pace in May 2007.