Pent-Up Demand and Tax Credit Drive October Home Sales Rally Sales Up 24.2% Statewide and 33.3% in Chicago Region

SPRINGFIELD, IL – November 23, 2009 – (RealEstateRama) — Illinois home sales took a double-digit jump in October as buyers took advantage of unprecedented buyer-market conditions with record low mortgage interest rates, affordable home prices and the federal first-time homebuyer tax credit. According to the Illinois Association of REALTORS® latest report, statewide total home sales (which include single-family and condominiums) in October 2009 reached 10,986 homes sold, up 24.2 percent from October 2008 sales of 8,846. The Illinois median price in October 2009 was $157,000 down 7.6 percent from $170,000 in October 2008. The median is a typical market price where half the homes sold for more, half sold for less