Home Sales Activity Up Year-to-Date
SPRINGFIELD, Ill. — October continued the trend of median price growth in the majority of Illinois counties, sales were lower due to seasonal and residual tax credit factors; year-to-date sales remain positive even as the economy and foreclosures slow the recovery. According to the Illinois Association of REALTORS® latest report, year-to-date total home sales (which include single-family and condominiums) statewide are up 0.1 % January through October 2010 with 89,050 home sales compared to 88,989 home sales for the same period in 2009; year-to-date sales are up 4.6 % in the Chicagoland Primary Metropolitan Statistical Area (PMSA). For the month of October, statewide home sales totaled 7,325, down 34.2 % from 11,129 home sales in October 2009.
The statewide median price for the month of October was unchanged from the previous month of September 2010 at $145,000; it was down 6.5 % from $155,000 in October 2009. Year-to-date, the median price is off 2.6 % to $153,922 from $158,000 in the period January through October 2009. The median is a typical market price where half the homes sold for more, half sold for less.
The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was a record low 4.21 % in October 2010, down from 4.34 % during the previous month, according to the Federal Home Loan Mortgage Corporation. Last year in October it averaged 5.0%.
In the Chicagoland Primary Metropolitan Statistical Area (PMSA) year-to-date total home sales (including single-family and condominiums) remain up 4.6 % January through October 2010 with 59,291 sales compared to 56,710 sales for the same period in 2009; in the month of October 4,672 homes were sold, down 35.9 % from 7,286 homes sold in October 2009.
The median home sale price for the Chicagoland PMSA was $177,000 in October 2010, down 6.8 % from $190,000 in October 2009. Year-to-date, the region’s median home sale price is down 6.1 % to $187,750 from $199,844 in 2009.
The Illinois unemployment rate lowered by -0.1 point to 9.8 % in October marking the seventh consecutive month that the state’s unemployment rate has fallen. The national unemployment rate remained unchanged at 9.6 % in October and non-farm payroll employment increased by 151,000, up 874,000 since December 2009 according to the Bureau of Labor Statistics.
In the city of Chicago, year-to-date total home sales (single-family and condominiums) remain up 4.6 % January through October 2010 with 16,502 sales compared to 15,772 home sales for the same period in 2009; October home sales were down 39.5 % to 1,217 sales compared to 2,012 homes sold in October 2009.
The city of Chicago median price in October 2010 was $183,000, down 14.9 % compared to $215,000 a year ago in October 2009. The year-to-date median sales price for the city of Chicago is down 7.3 % to $208,500 from $225,000 in 2009.
More than half of Illinois counties (54 of 100 counties reporting) posted a median price increase or no change in October 2010 compared to the same month in 2009 including: DuPage, up 5.3 % $231,500; Kendall, up 5.2 % to $182,000; Knox, up 13.0 % to $71,200; Lake, up 4.1 % to $205,000; McHenry, up 1.1 % to $174,950; McLean, up 16.6 % to $169,000; Peoria, up 17.5 % to $121,900; Rock Island, up 1.1 % to $95,500; Saint Clair, up 12.5 % to $135,000; Sangamon, up 9.7 % to $125,500; Stephenson, up 7.1 % to $83,000 and Williamson, up 10.5% to $114,900.
Sales and price information is generated from a survey of Multiple Listing Service sales reported by 35 participating Illinois REALTOR® local boards and associations. The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
The Illinois Association of REALTORS® is a voluntary trade association whose 46,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, the Illinois Association of REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation that safeguards and advances the interest of real property ownership.
Find Illinois market stats data and the full report at http://www.illinoisrealtor.org .