Record low mortgage interest rates and even more
affordable home prices contributed to helping
purchasers of Chicago-land real estate in September, although the Illinois housing market remains restrained after the home buyer tax credit ended. Stable and robust signals from the economy are needed in the areas of employment still, which will result in improved consumer confidence.
According to the Illinois Association of REALTORS® latest announcement, statewide total home sales (which include single-family and condominiums) in September 2010 was just over 8,000, which was down about 5 percent from August’s approximately 8,400 home sales; year-over-year for the month of September home sales are down around 23 percent compared to September 2009 where sales of approximately 10,400 homes changed hands.
Year-to-date sales remain sound, almost 5 percent higher January through September 2010 with almost 82,000 home sales compared to just under 78,000 home sales for the same time period in 2009.
Year-to-date, the Illinois single-family median home sales price increased almost 2 percent to $149,900 compared to $147,400 for the same period in 2009. So...... that market statistic should tell you something... it looks like the bottom has been found and things are turning back into positive territory appreciation wise for single family homes in this state.
“Distressed properties are driving sales, putting pressure on the overall median price of homes sold in today’s market. A positive indicator that our market is moving as it should can be seen with a steady pace of units sold and existing inventory being absorbed,” said Mabel Guzman, president of the Chicago Association of REALTORS®. “With condo sales in the city of Chicago up over 11 percent year-to-date from the same period in 2009, we see an expansion of choices for potential buyers to jump in the market now and find great value for homes they may have not otherwise been able to afford.”
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