Home sales in Illinois–July double-digit gains

According to RealEstateRama, home sales totaling 17,972 in June of 2015 were 12.5% higher than 2014.  “…..median prices [continue to] edge higher every month this year” according to Jim Kinney, President of Illinois Association of Realtors.


Original Article: http://illinois.realestaterama.com/2015/07/22/strong-housing-momentum-continues-in-june-with-double-digit-gains-in-illinois-home-sales-ID01045.html  June 22, 2015

Strong housing momentum continues in June with double-digit gains in Illinois home sales

SPRINGFIELD, Ill. – July 22, 2015 – (RealEstateRama) — Illinois home sales in June surged 12.5 percent higher than last year while median prices also saw strong gains, according to the Illinois Association of REALTORS®.

Statewide home sales (including single-family homes and condominiums) in June 2015 totaled 17,972 homes sold, up 12.5 percent from June 2014 when 15,982 homes sold.

The statewide median price in June 2015 rose to $194,243, an 8.5 percent gain over June 2014’s statewide median price of $179,000. The median is a typical market price where half the homes sold for more and half sold for less.

“Sellers keep reaping the rewards of a market that has continued to see median prices edge higher every month this year,” said Jim Kinney, ABR, CRB, CRS, GRI, president of the Illinois Association of REALTORS® and vice president for luxury sales at Baird & Warner in Chicago. “A decrease in the number of days it takes on average to sell a home in Illinois shows that buyers are undeterred by the steady upward tick in prices.”

The time it took to sell a home in June averaged 63 days statewide, down from 68 days a year ago and faster than 72 days last month. Available housing inventory remained tight with 70,999 homes for sale, a 6.9 percent decline from June 2014 when there were 76,287 homes.

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central Region was 3.98 percent in June 2015, up from 3.82 percent the previous month, according to the Federal Home Loan Mortgage Corp. In June 2014 it averaged 4.17 percent.

In the nine-county Chicago Primary Metropolitan Statistical Area, home sales (single family and condominiums) in June 2015 totaled 13,100, an increase of 14.2 percent from the 11,470 sales in June 2014.

The median price in June in the Chicago PMSA was $232,500, up 5.7 percent from $220,000 in June 2014.

“The burst in sales growth last month was unexpected,” said Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory at the University of Illinois. “Prices, however, are growing more modestly yet strongly. The foreclosure inventory seems to be playing a diminishing role in terms of both sales and prices with significant declines in the shares of sales accounted for by foreclosed properties in recent months.”  Article continued…..

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