Illinois Median Sale Price at $211,000 in July;
Sales Down 9.9 Percent from a Year Ago
The Illinois median home sale price makes gains in the Chicago area in July while fractionally lower statewide. According to the Illinois Association of REALTORS latest report, the Illinois median home sale price in July was $211,000, down 0.5 percent from $212,000 one year earlier. The statewide average home sale price in July was $271,389, up 2.9 percent from $263,836 a year earlier. There were 14,553 total home sales in July 2007, 9.9 percent below July 2006 with 16,156 homes sold. Year-to-date, sales were down 14.2 percent to 87,237 homes sold January through July 2007 compared to 101,723 homes sold during the same period last year.
“Home prices are performing favorably in Illinois yet sales continue to track lower compared to a year ago and there are many factors at play in the marketplace. We certainly are seeing effects from some tightening in lending standards but this should only hold back sales in the short term,” said Robert Zoretich, president of the Illinois Association of REALTORS. “Homebuyers continue to act cautiously waiting for things to stabilize, but now is when they truly have an advantage with so many homes available in many markets.”