Affordable home prices driving sales in Illinois

05.30.09
By Lewis Green

The Illinois Association of Realtors is reporting the median price of a home in the state as of April 2009 was $150,000 - down almost 19 percent from the price point of $185,000 at the same time last year.

The group has also reported that the state's housing market recorded increased home sales for the third consecutive month from the previous month's levels.

In addition to lower prices, record-low interest rates and buyer incentives are said to be spurring the residential market activity.

For individuals and households with a solid credit score, obtaining a mortgage loan at an affordable rate could help make their homeowner dreams become a reality.

"Illinois home sales are showing some signs of life as people take advantage of the favorable buyer's market conditions and the federal stimulus package incentives," said Pat Callan, president of the Illinois Association of Realtors.

"Those waiting on the sidelines should act now while the window of opportunity is still open and before mortgage interest rates rise above these lows," added Callan.

Despite the good news in the state's housing market, Callan did call for increased government assistance to those families still struggling with the threat of foreclosure.

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Illinois sees home sales increase from previous month