A report out this week showed that home sales across the nation have reached a five-year high, and the state of Illinois is no exception. According to the Illinois Association of Realtors, home sales increased 14.9 percent over the previous year, with 15,268 homes sold in June 2013, up from 13,286 in June 2012. But the rising mortgage rates are causing some to question whether this trend will continue. Below is a roundup of recent articles about the current state of the housing market and some predictions about the future.
New home sales hit five-year high, prices soar – Reuters
“New U.S. home sales vaulted to a five-year high in June, showing no signs of slowing in the face of higher mortgage rates.”
Two Years of Illinois Home Sales Gains: Realtors’ Group – Illinois Public Media
“Sales of existing homes in Illinois were up 14.9% in June from previous year levels, and median home prices increased 9.7% —- according to the Illinois Association of Realtors.