January marked the fifth consecutive month of year-over-year home sales increases statewide, while the median price logged its first uptick since September 2007.
The Illinois Association of Realtors reported Friday statewide sales of existing single-family houses and condominiums in January 2010 were up 14 percent, totaling 5,483 homes sold compared to January 2009 sales of 4,809 homes.
The median price in January was $145,300, up 0.2 percent from $145,000 in January 2009.
Nationwide, sales of existing homes took a large drop for the second straight month in January, falling to the lowest level since summer. It was another sign the housing market’s recovery is faltering.
The National Association of Realtors says sales fell 7.2 percent to a seasonally adjusted annual rate of 5.05 million from a downwardly revised pace of 5.44 million in December.
The results were far worse than forecast.
The median sales price was $164,700, unchanged from a year earlier and down 3.4 percent from December.
In the Chicago area, year-over-year home sales were positive for the seventh consecutive month, up 29.2 percent to 3,922 single-family and condominiums sold in January compared with 3,035 homes in January 2009.
The median home sale price was $175,000, down 5.4 percent from $185,000 in January 2009.
“We are seeing an accelerated spring market despite the snow and cold in Illinois with the homebuyer tax credit the driving factor for rising home sales,” said Mike Onorato, president of the Illinois Association of Realtors.
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