The Illinois Association of Realtors is not shying away from publicizing some rather disconcerting numbers — sales of existing homes in the state were down 6.2 percent in February from a year ago, and the inventory of homes for sale shrank by 19.2 percent.
But in the “Who’s ready for the spring market?” infographic below, the trade group emphasizes some good news for sellers: Low inventories can work in their favor — home prices continued to rise in February (the median home price was up 6.9 percent from a year ago), and homes are selling faster (days on market were down 7.4 percent).
Looking ahead, the infographic cites a University of Illinois forecast that home prices in the state will continue to rise in March, April and May; that home sales will post month-over-month gains (as they usually do in the spring); and that foreclosure inventory will return to pre-bubble levels by 2015.
