Illinois Home Sales Up 24 Percent

Low mortgage rates encouraging buyers

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    NEWSLETTERS

    TK
    Getty Images

    Illinois' real estate market is showing signs of improvement.

    Home sales rose 23.7 percent in August compared to the same month last year, according to the Illinois Association of Realtors.

    A total of 13,264 homes were sold during the month,continuing a two-month trend of increased year-to-year sales.

    The median price of a home was down .7 percent at $147,000 compared to the same time last year, but $24,650 higher than in January 2012.

    The organization's president credits the increase to historically low interest rates.

    Home sales in the Chicago metro area were higher than the state average, up 28.5 percent year-to-year.

    The median price for a home in Chicago was $170,000.