Illinois Median Sale Price Up 0.8 Percent to $200,000 in September; Home Sales Down from a Year Ago
“Consumer sentiment and the degree of optimism they express in terms of their behavior in the market over the next few months will determine the length of the housing market slump,” says Dr. Geoffrey Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois in a forecast prepared for the Illinois Association of REALTORS (IAR). While home prices in Illinois reported positive growth in September, sales reflected lingering effects from tightening credit issues experienced earlier in the year.
According to IAR’s latest report, the Illinois median home sale price in September was $200,000, up 0.8 percent from $198,500 in September 2006. The statewide average home sale price in September was $264,749, up 4.6 percent from $253,139 a year ago. There were 10,476 total home sales in September 2007, 22.9 percent below September 2006 which logged 13,594 home sales. Year-to-date, sales were down 15.4 percent to 112,278 homes sold January through September 2007 compared to 132,784 homes sold during the same period last year.
“Most Illinois homeowners are experiencing very healthy long-term gains in the value of their homes, and real estate remains the single best investment over the long term providing wealth accumulation especially for those who keep the home for a typical holding period of six to 10 years,” said REALTOR Kay Wirth, president of the Illinois Association of REALTORS. “Market basics are solid and with low mortgage interest rates, strong household formation and job creation—moving forward these factors should bode well for a recovery in the housing economy.
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