Home prices in Illinois inched up over last year's June prices. The average price, according to the IAR, for June 2007 was $215,000 that is compared to an average sales price of $212,600 in June of 2006. Inventory was down in June as compared to May. The total number of homes that sold fell to 72,500. The decrease from year over year was 15.2%. Interest rates remained extremely attractive at 6.62% for a 30 year fixed loan.

This is a great time to buy a home either as a first time home buyer or as an investment or second home. Realtors are anxious to get the home buyers that have remained on the fence to see where the market is going to land. The price increase is the first sign that home prices are going to remain at or go up from current levels.