Entering the final quarter of the year, the Illinois real estate market showed no signs of slowing down.
According to the Illinois Association of Realtors, sales of single-family homes and condominiums surged 37.3 percent on a year-over-year basis. A total of 11,775 homes sold in October, which was up from 8.577 a year ago. This was the largest amount of homes sold in the month in six years.
Meanwhile, the median sales price was up 3 percent to $133,750, compared to October 2011 when it was $129,900.
"The rebound we have seen so far this year is impressive by any measure," said Michael Oldenettel, president of the Illinois Association of Realtors. "To have strong sales and median price gains as we enter the last quarter of the year is encouraging for buyers and sellers who are clearly feeling more confident about the housing market."
Despite positive gains in sales and prices, RealtyTrac reported that the foreclosure rate for Illinois jumped 6 percent in October compared to the previous month. On a year-over-year basis it was 19 percent. This could put a drag on home prices moving forward.