Real Estate Slows in Illinois

According to one Illinois association, the sale of homes and condominiums in the state showed a decline in October. However, this figure is still higher than it was compared to the same period last year.

In total, 8,536 properties were sold in Illinois during October. When compared to the 7,402 homes sold during the same month in 2010, the figure is inspiring. Yet, when compared to just the month before when 9,182 homes were sold, the figure is not as exciting. In addition to a drop in the sale of homes, the homes that were purchased were done so at an average 5 percent. The average price in October was $130,000. The current media average price is $145,000.

Several counties enjoyed an increase in year-over-year home prices as reported by the AIR. These include Macon County, Iroquois County and Boone County. In the Chicagoland area alone 5,778 homes were sold in October. This figure represents a 4.3 percent decrease from the month before but was still higher than the same month last year.

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