My Real Estate Blog

Home sales activity in May increased for the 9th consecutive month. It was the 3rd month of positive year-over-year price movement in 2010, according to the Illinois Association of Realtors latest report. The statewide total home sales were up in May 27.1%.

Buying conditions remain favorable even though the homebuyer tax credits have expired, as mortgage interest rates are hovering at historic lows. Low interest rates combined with lower home prices give buyers more bang for their buck.

How about the Chicago Metro area? In the City of Chicago home sales were up 32.1% in May. Also encouraging is the 2.2% increase in sales price from a year ago. Similar increases were noted in the collar counties.

The tax credits definitely helped the market. Low interest rates and Jobs would help the gains continue.