September Illinois Home Sales Down 8.7 Percent from Last Year |
Statewide Median Price at $179,650
SPRINGFIELD, Ill., Oct. 24 /PRNewswire-USNewswire/ -- According to the
Illinois Association of REALTORS(R) latest report, September total home
sales (which include single-family and condominiums) were down 8.7 percent
in September 2008 to 9,686 sales compared to September 2007 sales of
10,604. The Illinois median price in September was $179,650, down 9.7
percent from $199,000 in September 2007. The median is a typical market
price where half the homes sold for more, half sold for less.
"The fortunes of the housing market are clearly challenged by the major
downturn in the economy. Illinois lost a further 3,700 jobs in September,
generating a loss of over 14,000 jobs in 2008," said Dr. Geoffrey J.D.
Hewings, director of the Regional Economics Applications Laboratory (REAL)
of the University of Illinois. "If there was any good economic news in the
last month it would have to be the universal realization that the downturn
in the economy has reached proportions that have many analysts suggesting
that it is by far the worst since the Second World War."
Regarding the longer-term outlook, in the latest REAL forecast Hewings
says: "With the passage of the bailout plan and the international
collaborative efforts to address the systemic problems of ailing economies,
there is some basis for optimism that a turnaround may be possible in
2009."
The monthly average commitment rate for a 30-year, fixed-rate mortgage
for the North Central region was 6.05 percent in September 2008, down 0.47
points from the 6.52 average rate the previous month, according to the
Federal Home Loan Mortgage Corporation. Last year in September it averaged
6.41 percent.
"Sales numbers improved in September as people took advantage of these
buyers-market conditions with low interest rates, ample supply, and
negotiating room on price. Other positives for buyers are the new tax
credit for first-time buyers and increased loan limits on FHA-insured
mortgages," said REALTOR(R) Pat Callan, president of the Illinois
Association of REALTORS(R). "Some downward pressure on prices is expected
as we move through the inventory of homes and some would-be buyers and
sellers simply wait out uncertainty in the financial markets and economy."
According to the IAR report, home sales were up in 33 of 101 Illinois
counties reporting in September including DeKalb, up 12.9 percent; Kane, up
4.7 percent; Kendall, up 5.1 percent; Macon, up 8.6 percent; McLean, up 3.0
percent; Morgan, up 15.2 percent, Saint Clair, up 1.4 percent; Sangamon, up
10.1 percent; Tazewell, up 6.8 percent; and Will, up 4.9 percent.
In the city of Chicago, September total home sales (single-family and
condominiums) were down 16.0 percent in September 2008 to 1,770 sales
compared to September 2007 sales of 2,108. The city of Chicago median price
in September was $267,750, down 10.6 percent from $299,450 in September
2007.
"We continue to see opportunities in the market for homebuyers and
investors," said David Hanna, president of the Chicago Association of
REALTORS(R). "Lenders continue to add loan products that offer buyers
flexibility with their down payment and credit score. This paired with low
interest rates and great values on the market make it the optimal time to
invest in real estate."
In the Chicagoland Primary Metropolitan Statistical Area (PMSA) home
sales (which include single-family and condominiums) totaled 6,371, down
6.2 percent from 6,794 home sales in September 2007. The Chicagoland PMSA,
as defined by the U.S. Census Bureau, includes Cook, DeKalb, DuPage,
Grundy, Kane, Kendall, Lake, McHenry and Will counties.
The median home sale price for the Chicagoland PMSA was $224,000 in
September 2008, down 13.0 percent from $257,500 in September 2007.
Sales and price information is generated from a survey of Multiple
Listing Service sales reported by 35 participating Illinois REALTOR(R)
local boards and associations.
The Illinois Association of REALTORS(R) is a voluntary trade
association whose 55,000 members are engaged in all facets of the real
estate industry. In addition to serving the professional needs of its
members, the Illinois Association of REALTORS(R) works to protect the
rights of private property owners in the state by recommending and
promoting legislation that safeguards and advances the interest of real
property ownership.
Find Illinois market stats data and the latest REAL forecast at
http://www.illinoisrealtor.org, click on Market Stats.
SOURCE Illinois Association of REALTORS
back to topRelated links:
CONTACT:
Mary Schaefer or Ann Londrigan, both of the
Illinois Association of REALTORS, +1-217-529-2600
