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Illinois marks two years of home sales gains; sales surge 14.9 percent with strong median price gains in June
Online Staff Report
SPRINGFIELD, Ill. — Illinois home sales increased 14.9 percent over previous-year levels in June and median prices increased 9.7 percent, according to the Illinois Association of Realtors, continuing an impressive run of sales gains that show resurgence in the housing market is continuing.
Statewide home sales (including single-family homes and condominiums) in June 2013 totaled 15,268 homes sold, up from 13,286 in June 2012. This marks 24 consecutive months of year-over-year sales increases.
The statewide median price in June was $170,000, up 9.7 percent from June 2012 when the median price was $155,000. The statewide median price is at the highest level since June 2010. The median is a typical market price where half the homes sold for more and half sold for less.
“To have this extended run of year-over-year sales gains shows that the housing market in Illinois is indeed recovering,” said Michael D. Oldenettel, CRS, GRI, president of the Illinois Association of Realtors and managing broker/owner with RE/MAX Results Plus in Jacksonville, Ill. “Enthusiasm on the part of buyers shows no signs of flagging, and that drive to own a home is helping the state out of one of the worst economic downturns in recent memory.”
The inventory of homes for sale in June was 65,658 units, a 27.4 percent drop compared to last year’s 90,461 units. The time it takes to sell a home has also fallen with days on market averaging 76 days in June, down 20 percent from 95 days in June 2012.
The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 4.09 percent in June 2013, up from 3.55 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last June, it averaged 3.67 percent.
In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), home sales (single-family and condominiums) in June 2013 totaled 11,103 homes sold, up 18.7 percent from June 2012 sales of 9,354 homes.
The median price in June 2013 was $206,000 in the Chicago PMSA, up 13.2 percent from $182,000 in June 2012. The time it took to sell a home dropped substantially in June with listings averaging 63 days until sale, a 25 percent drop compared to 84 days in June 2012.
“The rising house prices suggest some significant movements towards a more stable housing market,” noted Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois. “New analysis of the foreclosure process suggests that a return to pre-recession levels could occur early next year, further enhancing the housing recovery. Rising interest rates appear not to be dampening demand and continued upward pressure on rental prices is clearly encouraging more potential buyers into the market.”
Forty-seven of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in June 2013. Forty-four counties showed year-over-year median price increases including Vermilion, up 62.3 percent to $64,900; Cook, up 16.7 percent to $210,000; Madison, up 15.5 percent to $134,000; McHenry, up 14.8 percent to $163,000; Peoria, up 12.3 percent to $134,500; and DuPage, up 6.5 percent to $245,000.
The city of Chicago saw a 12.5 percent year-over-year home sales increase in June 2013 with 2,623 sales, up from 2,332 in June 2012.
The median price of a home in the city of Chicago in June 2013 was $254,900, up 17.5 percent compared to June 2012 when it was $217,000. Chicago condo prices also saw double-digit gains for the month, posting a 14.5 percent jump to $286,750. Average time on market in the city was 51 days, down 32.9 percent compared to 76 days last June.
“Chicago home sales continue to trend in the right direction, now to the point that they are pushing the whole market and bringing activity to some of our lower-performing neighborhoods as inventory thins city-wide,” said Realtor Zeke Morris, president of the Chicago Association of Realtors and operating principal and managing broker, Keller Williams Realty, CCG. “We are encouraged that lower inventory will prompt more sellers to enter the market. For both buyers and sellers, the time is right to get involved.”
Sales and price information is generated by Multiple Listing Service closed sales reported by 31 participating Illinois Realtor local boards and associations including Midwest Real Estate Data LLC data as of July 7, 2013, for the period June 1 through June 30, 2013. The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
Find Illinois housing stats, data and the University of Illinois REAL forecast at www.illinoisrealtor.org/marketstats.
Posted July 22, 2013