According to the Illinois Association of REALTORS, total November home sales in Illinois reached 10,361, up 64% from November 2008 and marking the third consecutive month of year-over-year sales increases in the state.
Notably, year-over-year home sales in the Chicago metropolitan statistical area were positive for the fifth consecutive month, up 71.6%. Also, the statewide median price in November 2009 was $155,000, down 4.3% from $162,000 in November 2008.
"Forecasts for December, January and February indicate sales increasing robustly in Illinois and Chicago on an annual basis, but median price movements in Illinois hold the potential for a mild recovery that is not, as yet, evident in the Chicago market," says Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory of the University of Illinois.
Illinois' unemployment rate in November dropped slightly to 10.9% (down from 11% in October) but remained above the national rate of 10%.
Residential Mortgage
