Home sales in Illinois rose 25.3% year-over-year in April, while median prices increased 7.7%, according to the Illinois Association of Realtors.
Home sales in the state totaled 12,621 in April, up from 10,076 in April 2012. This marked the best April performance since 2007.
The median price in Illinois was $145,900 in April, up 7.7% from April 2012 when the median price was $135,500.
"The spring numbers are very encouraging, especially as we see substantial tightening of the numbers of homes on the market," said Michael D. Oldenettel, president of IAR.
He added, "While prices are inching up slightly due to strong demand, the interest rates continue to be a powerful lure for those who want to own a home and the spring housing market looks to be a strong one."
Illinois’ home inventory in April was 62,503 units, a 30.6% drop from April 2012, which had 90,041 units for sale. The time homes are spending on the market plummeted from 111 days to 89 days, a 19.8% drop, year-over-year.
Of the 102 Illinois counties, 55 reported year-over-year increases in home sales in April 2013, while 42 showed year-over-year median price increases.
"The housing market is exhibiting signs of a more stable recovery with an anticipated strong early summer led by strong sales gains and more modest but still positive gains in median prices," noted Geoffrey J.D. Hewings, director of the regional economics applications laboratory of the University of Illinois.
According to Hewings, the average time on the market, the growth in the pending sales index and an increase in the share of total sales captured by more expensive properties point to a return to greater stability in the market.