Illinois homes sales surged 61.8% in the 2nd quarter over the 1st quarter in 2009, according to the Illinois Association of Realtors. Due partly to pent-up demand, lower prices (more affordable), low interest rates, and tax credit incentives, with 27,531 homes sold verses 17,017 sold in the 1st quarter. This is still down 16.4% from the 2nd quarter of 2008.
How is this good news? The market is moving through inventories. Even though homes sales are still down from last year, a promising trend shows that the rate of decline has slowed in recent months. Realtors are calling for additional housing stimulus, including an extension and expansion of the homebuyer tax incentive program, to continue moving housing in the direction of recovery.
Stay tuned for the next report. Hopefully more good news, heading the Illinois housing market in the right direction.
See http://www.illinoisrealtor.org for details.