Despite uncertainty in the state economic situation coupled with upcoming national elections, Illinois’ housing market continues to grow in terms of sales and prices.
That’s according to the latest sales data from the Illinois REALTORS. The numbers show 43 Illinois counties reported sales increases in May 2016, compared to last year’s figures. Sales were up 6.7 percent in Peoria County, with 270 homes sold last month.
Statewide, home sales were up 6 percent in May.
Geoffrey J.D. Hewings heads the Regional Economics Applications Laboratory at the University of Illinois. Hewings says the numbers look promising for the months ahead.
"The housing market continues to grow in terms of sales and prices and the short-term forecasts remain positive," Hewings said.
A statewide total of 16,150 homes, including single-family homes and condominiums, sold in May 2016, the Illinois REALTORS said in a news release.