Illinois Home Sales Post First Increase in Three Years
Statewide home sales in Illinois experienced the first quarterly year-over-year increase in more than three years during Q309, according to the Illinois Association of Realtors (IAR). Sales of single-family homes and condominiums totaled 32,460, up 0.3% from 32,358 in Q308. The median sales price in Q309 was $165,000, down 12.9% from $189,500 in Q308, the association said. IAR credited the first-time homebuyer tax credit for the improved results during the quarter, but said an increase in entry-level home and distressed property sales is continuing to exert downward pressure on prices. The average interest rate for a 30-year fixed-rate mortgage (FRM) was 5.28% in the region, according to the Federal Home Loan Mortgage Corporation. It marks an increase from 5.07% during Q209 and a decrease from 6.44% in Q308. In the quarter, 21,298 homes sold in the Chicago metropolitan statistical area (MSA), up 2.4% from 20,802 in Q308. The median sales price for the Chicago area was $205,000, down 16.3% from $244,900 in Q308. The MSA includes Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties. Year-over-year sales for the third quarter were up in 47 of 100 Illinois counties, including Adams (11.1%), Boone (14.6%), Champaign (6.6%), Cook (4%), DuPage (3.6%), Kankakee (3.6%), Lake (2.9%), Sangamon (10.6%) and Will (0.9%). Year-over-year median home sales prices for the third quarter were up in 37 of 100 counties, including Knox (2.9%), Logan (2.6%), McDonough (15.7%), Peoria (7.2%), Rock Island (3.8%), Sangamon (3.3%) and Vermilion (2.4%). Write to Austin Kilgore.