The Illinois Association of Realtors says home prices last month were up 18 percent over June of last year. Association president Loretta Alonzo says that’s because short sales and foreclosures are selling and leaving the market. “The sooner we can get those types of properties off the market, the better off we’ll be as far as moving the prices higher and back up again,” she says.
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The median home price in Illinois last month was $155,000, up nearly three-and-a-half percent from this time last year. Alonzo stopped short of saying the uptick signals a recovery… but she’s optimistic given three straight months of positive data. She says realtors will signal a recovery if the trend continues through the end of fall.