CHICAGO—After spending a significant stretch of time in the doldrums, the state's spring housing market got off to a strong start in March with sharp gains in year-over-year home sales and median prices, according to the Illinois Association of REALTORS®.

Home sales totaled 11,416, up 13.1% from March 2014 when 10,093 homes were purchased. And the statewide median price rose to $165,000, an 11.5% gain over last March when the median hit $148,000. As reported in GlobeSt.com, a recent analysis by RE/MAX found that sales in seven northern counties jumped 13%.

“Buyers are becoming quite aggressive when it comes to looking for a home this spring,” says Jim Kinney, president of the Illinois Association of REALTORS® and vice president for luxury sales for Baird & Warner in Chicago. “The surge in sales and median prices throughout the state in March clearly shows consumers know they have to be willing to pay more as they face a slightly smaller number of homes on the market this year versus last.”

The realtors' study found that lower housing inventory remains a factor. In March, 61,418 homes were available for sale, a 4.4% decline compared to last year at this time when there were 64,276 homes for sale. But the time it took to sell a home was nearly unchanged at 87 days compared to 86 days a year ago.

“March was an excellent month for the housing market with robust growth in both sales and prices,” says Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory of the University of Illinois. “When adjusted for inflation, median home prices have recovered to 79% of their 2008 levels in Illinois and 74% of the prior levels” in the metro region. “A further one to three years is anticipated for full recovery.”

In the nine-county metropolitan area, home sales, including condominiums, last month totaled 8,158, an increase of 11.5% from the 7,314 sales in March 2014. And the region's median price in last month was $204,000, up 16.6% from $175,000 in March 2014. The city of Chicago saw sales of 2,118 homes last month, up 13% from last year. The median price of a home in Chicago was $263,079, up 11.9% over March 2014.

“Chicago's spring market is showing bounce with back-to-back months of sales increases signaling strengthening demand,” says Hugh Rider, president of the Chicago Association of REALTORS® and co-president of Realty & Mortgage Co. “Even with fewer homes on the market, we're seeing determined buyers finding their ideal home. This increased demand is moving median sales prices higher, offering homeowners an incentive.”