Illinois Housing Statistics

Illinois Housing Market Improves in May
Sales Up 17.3 Percent from April

Illinois REALTORS statewide reported an upswing in home sales in May from April 2008, according to the Illinois Association of REALTORS latest report. Total home sales (which include single-family and condominiums) were up 17.3 percent in May 2008 to 11,173 sales compared to April 2008 sales of 9,523; year-over-year sales were down 22.9 percent from May 2007 totals of 14,493. The Illinois median price in May reached $190,000, down 7.3 percent from $204,900 in May 2007. 

“The Illinois housing market showed some positive signs of stabilizing in May with a sizeable jump in sales from the previous month and the fourth consecutive month-to-month increase,” said REALTOR Kay Wirth, president of the Illinois Association of REALTORS. “Pricing and knowledge of the local market are key factors in moving homes in today’s environment, and it’s important to get a thorough market analysis from a real estate professional who knows the local market inside and out.”

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.”