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The median is a typical home market price
June home sales in Illinois up 18.0 percent from a year ago; Median prices also post year-over-year increases SPRINGFIELD, Ill. — Home sales surged 18 percent over previous year levels, with data released today by the Illinois Association of REALTORS® showing signs that the state’s housing market is strengthening.
Statewide home sales (including single-family homes and condominiums) in June 2012 totaled 13,111 homes sold, up 18.0 percent from 11,108 home sales in June 2011. This was the best June performance since 2010 when 13,144 homes were sold in Illinois.
The statewide median price in June was $155,000, up 3.3 percent from June 2011 when the median price was $150,000. This was the fourth straight month of median price increases in Illinois, and marked a $32,650 jump in median prices since January. The median is a typical market price where half the homes sold for more and half sold for less.
The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 3.67 percent in June 2012, down from 3.83 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last year in June it averaged 4.53 percent.
In the nine-county Chicago Primary Metropolitan ... more

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