Illinois home sales grew 18% in June, hitting 13,111 completed sales, up from 11,108 sales a year earlier, the Illinois Association of Realtors said. The association called June sales the best on record since 2010 when 13,144 homes were sold.
The median price of an Illinois home shot up 3.3% from last June, hitting $155,000 last month.
“The combination of low prices and even lower interest rates in June far outweighed any lingering concerns on the part of prospective homebuyers about the broader economy,” said Loretta Alonzo, president of the Illinois Association of Realtors. “This year’s spring selling season clearly marked a promising turn in the housing market in Illinois.” The low-interest rates wooing buyers included a 30-year, fixed-rate mortgage for the North Central region, which hit 3.67% in June, down from 3.83% in May. Last year, the same rate averaged 4.53% for the entire nine-county Chicago metropolitan statistical area. Chicago alone saw sales jump 22% to 2,246 homes sold from 1,841 last year. The median price in the city also grew 4.7% year-over-year to $216,700 in June.