Second quarter home sales in Illinois increased over the first quarter of 2008 but were lower when compared to the same period in 2007, according to the Illinois Association of REALTORS’ second quarter report. Total home sales (and that includes single-family homes and condominiums) were 32,414 in the second quarter, down 25.4 percent from 2007 when the sale of 43,438 homes was reported. The median home sale price for the quarter was $192,500, a drop of 6.8 percent from 2007’s $206,500. 

“While sales certainly have picked up across Illinois during the early spring and summer months, some buyers and sellers seem to be waiting for the all-clear signal to make a move in this market as economic and consumer confidence indicators remain weak,” said Kay Wirth, president of the Illinois Association of REALTORS.

  Wirth added that the new first-time buyer tax credit and foreclosure rescue program enacted by the Housing and Economic Recovery Act “should help stabilize the housing market.”

According to the Federal Home Loan Mortgage Corp., the second-quarter commitment rate for a 30-year, fixed-rate mortgage for the North Central Region averaged 6.12 percent, which was down from 6.40 percent one year ago.

   In the Chicagoland Primary Metropolitan Statistical Area, total home sales (including single-family and condominiums) dropped 28.9 percent in the second quarter to 20,679, as compared with the 29,092 homes sold in the second quarter last year. The median home sale price in the Chicagoland PMSA was $250,000 in the second quarter compared to $256,000 one year ago.

“Research shows that just one sale of a residential home in Illinois results in $28,413 in direct expenditures to other industries such as purchases of new furniture and appliances, repair costs and moving expenses. The housing market’s impact on the state’s economy underscores why REALTORS urge state and local government leaders to keep jobs in Illinois and foster a healthy economy,” said Wirth, a broker with Re/Max Unlimited Northwest in Crystal Lake.

Second quarter condo sales across the state were down—9,141 condos sold compared to 13,897 units sold in the second quarter of 2007. The 2nd quarter median price for a condominium in Illinois was $232,000, up from $223,000 a year ago.

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Home sales in Illinois were up in June over May, according to the latest report from the Illinois Association REALTORS. Low consumer confidence and a troubled economy, however, continue to strain the overall housing market, the report found.

Total home sales (including single-family homes and condominiums) were up 3.6 percent in June to 11,643 sales compared to May’s 11,243 sales. Year-over-year sales were down 27 percent from June 2007’s 15,945 sales. Illinois’ June median price was $200,000, down 6.1 percent from $213,000 in June 2007.

“There continues to be large local market variations statewide,” said Kay Wirth, president of the Illinois Association of REALTORS. “Economic factors have weighed heavily on home sales activity in Illinois this summer. Low consumer confidence, higher gas and good prices, plus turmoil in the financial markets and a tighter credit market have kept some would-be buyers on the sidelines despite the fact there are great deals to be had,”

The REALTORS’ group also reported that the monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 6.38 percent in June 2008, up 0.34 points from the 6.04 average rate the previous month. Those stats are according to the Federal Home Loan Mortgage Corp. Last June the rate averaged 6.69 percent.

Tags: home sales, Illinois, mortgage, price

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