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Illinois home sales, prices climb higher in June and first half of 2016
SPRINGFIELD, Ill. — Home-buyer demand drove sales and prices higher in June and marked a strong first half of the year for the Illinois housing market, according to Illinois REALTORS®.
Statewide home sales (including single-family homes and condominiums) in June 2016 totaled 18,593 homes sold, up 1.4 % from 18,328 in June 2015. Year-to-date, home sales totaled 78,547 homes sold, an increase of 5.5 percent compared to the first six months of 2015.
The statewide median price in June was $204,000 up 5.8 % from June 2015 when the median price was $192,800. The median is a typical market price where half the homes sold for more and half sold for less. The year-to-date median price was $183,174, a
7.3 % gain.
The monthly average commitment rate for a 30-year, fixed-rate mortgage was 3.57 % in June 2016, a decline from the previous month, according to the Federal Home Loan Mortgage Corp. In June 2015 it averaged 3.98%.
In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), home sales (single-family and condominiums) in June 2016 totaled 13,620 homes sold, up 2.1 percent from June 2015 sales of 13,342 homes. The median price in June 2016 was $242,500 in the Chicago PMSA, an increase of 4.6 percent from $231,900 in June 2015. Year-to-date home sales totaled 56,678, a 6.3 percent increase while the median price for the first half of the year averaged $222,500, a 6.0 percent increase.
According to the data, forty-two (42) Illinois counties reported sales gains for June 2016 over previous-year numbers, including Tazewell County, up 26.1 percent with 227 units sold; McHenry County, up 16 %t with 680 units sold; and Cook County, up 0.1 % with 7,137 units sold. Forty-eight (48) counties showed year-over-year median price increases including Will County, up 7.4 % to $210,000; Madison County, up 6.1 percent to $132,500; DuPage County, up 4.2 % to $273,000, and Sangamon County, up 8.4% to $149,000.
The city of Chicago saw a 0.2 % year-over-year home sales increase in June 2016 with 3,210 sales, up from 3,202 in June 2015. The median price of a home in the city of Chicago in June 2016 was $300,000, up 4.1 % compared to June 2015 when it was $288,250. Year to date home sales totaled 13,953, a 4.1% increase compared to last year and the median price averaged $275,000, a 3.5 % gain.