Illinois June Home Sales Second Highest Month on Record Single-Family Median Price at $215,405
SPRINGFIELD, Ill., July 25 -- Sales of single-family homes held steady in June, posting the second highest month on record, the Illinois Association of REALTORS(r) reported today. Total home sales, which include single-family homes and condominiums, were just shy from last year’s record with 20,373 sales in June 2005, down 1.1 percent from 20,595 sales in June 2004. Year-to-date, total home sales are up 2.3 percent, from 85,421 homes sold in the first six months of 2004 to 87,371 sales for the same period in 2005.
“Although Illinois June home sales eased slightly this year, they are still up on a year-to-date basis and with interest rates still low we anticipate another record year for 2005. Last year June was the highest month on record for single-family home sales since the Association began its housing statistics program 15 years ago,” said John Veneris, CRB, CRS, president of the Illinois Association of REALTORS(r). “Housing continues to be a driver in the economy with interest rates the key stimulus.”
The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 5.68 percent, down 0.14 points from the 5.82 average rate during the previous month, according to the Federal Home Loan Mortgage Corporation. Last year in June it averaged 6.38 percent.
Single-family home sales eased 3.2 percent in June 2005 to 14,253 homes sold from 14,721 in June 2004. The median single-family home price in June was $215,405, up 10.5 percent from $195,000 a year earlier. The median is a typical market price where half the homes sold for more, half sold for less. The single-family average home price for June 2005 was $271,223, an 8.1 percent increase from $250,865 in 2004.
Statewide, a total of 6,120 condominium sales were reported in June 2005, up 4.2 percent from 5,874 sales in the same month last year. The condo median price for June was $206,000, up 6.7 percent from $193,000 one year ago.
In the Chicagoland Primary Metropolitan Statistical Area (PMSA), single-family home sales totaled 9,087, down 4.6 percent from 9,526 home sales in June 2004. The median single-family home price for the Chicagoland PMSA was $279,000, up 9.4 percent from $255,000 in June 2004.
Condominium sales in the Chicagoland PMSA rose 3.4 percent in June 2005 to 5,876 units sold, while the condo median sales price increased 7.7 percent to $211,000. In June 2004 condo sales for the Chicagoland PMSA totaled 5,684; the median price was $196,000.
“Federal Reserve Chairman Alan Greenspan remains upbeat about the overall outlook for the U.S. economy, one of sustained economic growth with continued positive gains in employment, household spending and retail sales,” said Veneris, broker-owner of Realty Executives Pro/Team of Downers Grove and Realty Executives REALTORS(r) in Naperville. “Mortgage rates have been lower than expected but buyers need to shop for loans and be aware of long-term consequences given that rates may be on the rise.”
Sales and price information is generated from a survey of Multiple Listing Service sales reported by 36 participating Illinois REALTOR(r) local boards and associations. The Chicagoland 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(r) is a voluntary trade association whose 55,000 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(r) 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.
Additional statistical information can be found on the Illinois Association of REALTORS(r) Web site: http://www.illinoisrealtor.org.
Starting in February 2005, IAR is using a new system of market statistics reporting based on county totals for all homes (single-family and condominiums) as well as figures broken down by single-family home (existing and new) and condo sales, median and average prices. Monthly, IAR will report figures for the state as a whole and for the Chicagoland PMSA (Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties). Quarterly, IAR will provide a breakdown of sales totals and median prices by county.
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