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Housing trends

Home sales are expected to expand this year, according to the Illinois Association of Realtors; in fact, the group predicts that the housing market will continue to be robust through 1996 if the overall economy remains strong. The association bases its rosy forecasts on economic projections of the Bureau of Ecnomics and Business Research at the University of Illinois.

Aided by reduced mortgage rates, there were 93,918 homes sold in Illinois last year, a 2.9 percent increase over 1992, according to the association. The trade group projects that sales in 1994 will rise 6.6 percent over the 1993 level.

The statewide median price of a house rose to $112,100 in 1993 from $108,300 in 1992, the realtors association reported.

Donald Sevener

April 1994/Illinois Issues/45