Winnebago County home prices jump 7.3 percent over past year, realtors say

Courtesy: MGN
By  | 

SPRINGFIELD, Ill. (WIFR) -- Illinois home prices have surged near the end of summer.

According to new data from Illinois REALTORS®, median home prices in Illinois rose last month while available inventory shrank.

Fifty counties reported median home price increases over previous-year numbers. Winnebago County home prices jumped 7.3 percent.

More than 15,700 homes sold last month, which is down 6 percent from last August. Realtors say the dip in inventory shows a struggle to meet current consumer demands.

“While long-term consumer sentiment remains positive, the short-term outlook is cloudy,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. "Thus far, the impact on the Illinois housing markets has been muted with modest price increases expected to continue.”

For the latest Illinois housing stats, click here.