SPRINGFIELD, Ill., July 25 /PRNewswire-USNewswire/ -- The Illinois median home sale price continues to hover in a steady range indicative of the state's stable housing market and economy. According to the Illinois Association of REALTORS(R) latest report, total home sales (which include single-family homes and condominiums) were up 9.7 percent in June 2007 to 15,736 homes sold compared to 14,349 homes sold in May 2007. Sales were 17.1 percent below the 18,992 homes sold in June 2006.
The Illinois median home sale price in June was $215,000, up 1.1 percent from $212,600 one year earlier. The median is a typical market price where half the homes sold for more, half sold for less.
Year-to-date, sales were down 15.2 percent to 72,551 homes sold January through June 2007 compared to 85,567 homes sold during the same period last year.
"In Illinois we see home prices holding their own as the housing market transitions back to a normal pace of business and despite widespread reporting of subprime issues and foreclosure rates. Buyers seem to be in a 'wait-and- see' mode, yet this is an excellent opportunity to take advantage of a large selection of homes to choose from and interest rates that are even lower than last year at this time," said Robert Zoretich, president of the Illinois Association of REALTORS(R). "First-time buyers can really benefit from these market conditions with so many choices and room to negotiate."
The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 6.69 percent in June 2007, up 0.4 points from the 6.29 average rate during the previous month, according to the Federal Home Loan Mortgage Corporation. Last year in June it averaged 6.78 percent.
The statewide average home sale price in May was $275,018, up 2.9 percent from $267,356 a year earlier.
The median home price for the Chicagoland Primary Metropolitan Statistical Area (PMSA) was $265,000, up 2.3 percent from $259,000 in June 2006. The average home sale price for Chicagoland was $341,358, up 5.1 percent from $324,855 in June 2006.
In the Chicagoland PMSA, home sales totaled 10,583 in June 2007, down 19.8 percent from 13,193 home sales in the same month last year.
"Housing remains a secure way to build long-term investment for families," said Zoretich, broker-owner of Zoretich Realty Group in Chicago. "Market fundamentals including demand from immigrant populations, job growth and historically low mortgage rates will support the housing market going forward. Buyers and sellers should know that the market during the recent boom was extraordinary and the numbers we are seeing now reflect a more normal market."
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 Chicagoland PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
The Illinois Association of REALTORS(R) is a voluntary trade association whose 60,000 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.
Illinois Association of REALTORS
CONTACT: Mary Schaefer of Illinois Association of REALTORS,
+1-217-529-2600
Web site: http://www.illinoisrealtor.org/
