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Illinois Housing Statistics
Illinois First Quarter Home Sales Hit by Credit, Economic Factors; Statewide First Quarter Median Price at $187,500
Illinois median home prices held their own in the first quarter while sales were constrained by the ongoing credit crunch and a softening economy. According to the first quarter report, total home sales (which include single-family homes and condominiums) totaled 21,576, down 27.0 percent from 29,553 home sales in the first quarter of 2007. The first quarter median home sale price was $187,500, down 4.3 percent from $196,000 a year earlier. The median is a typical market price where half the homes sold for more, half sold for less. The average sale price was $252,899, up 0.9 percent from $250,576 for the same period a year ago.
“Extreme winter weather on top of shaky consumer confidence due to rising gas and food prices and the uncertain economy affected overall home sales activity statewide. REALTORS do anticipate a boost in activity as we enter the spring housing market from pent-up demand held over for so many months,” said REALTOR Kay Wirth, president of the Illinois Association of REALTORS. “The fundamental elements of a solid housing market are in place with low interest rates and ample inventory of homes. REALTORS around the state report more interest from buyers at showings who waited out last fall and are ready to buy for long-term value.”
Spring Starts in March with Home Sales Up
24.5 Percent from February;
Illinois Median Price at $194,500
Home sales in March rose from February totals with the onset of spring, although consumer confidence continues to affect market activity. According to IAR's latest report, total home sales (which include single-family and condominiums) were up 24.5 percent in March 2008 to 8,509 sales compared to February 2008 sales of 6,832; sales were down 29.5 percent from March 2007 totals of 12,075. The Illinois median price in March was $194,500, off 1.3 percent from $197,000 in March 2007. The median is a typical market price where half the homes sold for more, half sold for less.
“During March home sales remained mired in slow growth activity due to low consumer confidence, tighter financing factors and a weakening economy. But right now is a very good time for Illinoisans waiting to buy a house to enter the market for many reasons including mortgage interest rates below six percent,” said REALTOR Kay Wirth, president of the Illinois Association of REALTORS. “There is a lot of pent-up demand and while people are being cautious given the uncertainty in the overall economy, the spring market is here and now is an ideal time to check out ample inventory in your area to purchase your dream home.”
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