August Illinois Home Sales Down 4.6 Percent from July
Statewide Median Price at $195,000

According to the Illinois Association of REALTORS® latest report, August total home sales (which include single-family and condominiums) were down 4.6 percent in August 2008 to 10,601 sales compared to July 2008 sales of 11,114; year-over-year sales were down 27.2 percent from August 2007 totals of 14,562. The Illinois median price in August was $195,000, down 7.1 percent from $210,000 in August 2007. The median is a typical market price where half the homes sold for more, half sold for less.

“Prospects for a rapid recovery of the housing market were significantly dampened by the turmoil in the financial markets,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois. “While the interventions by the federal government in the financial sector will help stem a more precipitous slide in the housing market, the longer-term recovery of this market will now be increasingly dependent on the economy’s recovery. Continued job declines both nationally and in Illinois have generated a need to address economic development issues more forcefully.”

Illinois Second Quarter Home Sales Off from Last Year
Statewide Median Price at $192,500

Illinois home sales in the second quarter improved from the first quarter of 2008 yet were lower compared to the same period a year ago. According to the Illinois Association of REALTORS® (IAR) second quarter report, total home sales (which include single-family homes and condominiums) were 32,414 in the second quarter, down 25.4 percent from a year ago when 43,438 home sales were reported in the second quarter. The second quarter median home sale price was $192,500, down 6.8 percent from $206,500 in 2007.