The states median price in July was $179,500, up 20% from July 2012. The inventory of homes for sales in July was at five months.
It is that last fact that has the organization’s chief economist John Tuccillo warning there are “some straws in the wind that would suggest that the inventory crunch may be easing.
"Specifically, new listings have been up, year over year, for all of 2013. This suggests that sellers are more eager to place their homes on the market. In addition, the months' supply of inventory numbers have remained fairly static for the past three months, suggesting we may be reaching the bottom of the inventory decline."
Meanwhile in Illinois, home sales in July were up 28.5% over the previous July and median prices were up 14.2%.
"Slight increases in interest rates over the past few months have done little to slow interest in homeownership," said Michael Oldenettel, president of the Illinois Association of Realtors. "Buyers are clearly comfortable enough with the way the economy is progressing to make a big purchase, and sellers are getting off the sidelines as they see prices begin to erase losses sustained during the recession."