The seven-county Chicago metropolitan area experienced significant annual home price and sales growth in February, according to RE/MAX.

The number of homes sold in February increased 21% from a year earlier, while the median sales price rose 4% year-over-year.

Data from RE/MAX revealed that February Chicago area home sales totaled 5,843 units, compared to 4,840 a year ago. The median price increased to $141,000, after totaling only $135,900 last February.

"The real estate rebound continues, with higher home prices, fewer days on the market and a shrinking inventory of distressed properties. All are excellent signs that the housing market and the local economy are continuing to strengthen," said Laura Ortoleva, a spokesperson for the RE/MAX Northern Illinois real estate network.

All seven counties in metropolitan Chicago saw an uptick in sales activity.