Illinois Home Sales Improve as First Quarter Closes

SPRINGFIELD, Ill. – March sales showed sizeable gains over February, yet tighter lending standards had a resounding effect on first quarter home sales, according to the Illinois Association of REALTORS® (IAR). Home sales (which include single-family homes and condominiums) totaled 16,748, down 23.5 percent from 21,902 home sales in the first quarter of 2008. The first quarter median home sale price was $146,000, down 21.1 percent from $185,000 a year earlier. The median is a typical market price where half the homes sold for more, half sold for less.