It Ain't All Big Hair and Cadillacs

Home prices remain stable in Illinois with the median sale price up slightly in December , while home sales activity dropped in what is traditionally the slowest month for the Illinois housing sector.

The Illinois median sale price in December was $202,500, up 0.7 percent from $201,000 a year earlier. Total home sales were down 19.1 percent to 10,811 homes sold, compared to 13,361 sales in December 2005. “The Illinois housing market weathered a year of contraction in sales—experienced across the nation—with continued modest but positive price appreciation, which shows the relative market stability of our region. Coming off the housing boom’s peak year of 2005, 2006 was the fourth best year for total home sales in Illinois,” said IAR President Robert Zoretich. Read the IAR release .

Nationally, sales were down 8.4 percent in 2006, according to the NAR release .


Illinois Housing Statistics

Statewide Median Home Price Gains in December; Total Home Sales in 2006 Off 8.9 Percent from the 2005 Peak

January 25, 2007 news release -- Home prices remain stable in Illinois with the statewide median home sale price up slightly in December while home sales activity dropped in what is traditionally the slowest month for the Illinois housing sector. The Illinois median sale price in December was $202,500, up 0.7 percent from $201,000 a year earlier. For the month of December 2006, total home sales (which include single-family and condominiums) were down 19.1 percent to 10,811 homes sold, compared to 13,361 sales in December 2005.
For the year, a total of 167,860 home sales were reported in 2006, down 8.9 percent from the record annual high of 184,199 total sales in 2005. The year-end Illinois median sale price was $203,900 in 2006, up 1.5 percent from $200,900 in 2005.

“The Illinois housing market weathered a year of contraction in sales—experienced across the nation—with continued modest but positive price appreciation, which shows the relative market stability of our region. Coming off the housing boom’s peak year of 2005, 2006 was the fourth best year for total home sales in Illinois,” said Robert Zoretich, president of the Illinois Association of REALTORS. “Illinois REALTORS are optimistic about the year ahead given the underlying strength of the market, which is supported by affordable mortgage interest rates at 45-year lows, gains in the Illinois economy including jobs, and demand for homeownership.” Read the full release.

Illinois Home Sales Ease in Third Quarter; Statewide Median Price at $209,000
The Illinois housing sector continued to adjust to a more sustainable pace of sales in the third quarter while mortgage interest rates remain near 45-year historic lows. Total home sales were down 14.7 percent in the third quarter of 2006 to 46,759 homes sold. Year-to-date home sales for January through September total 131,826, off 7.4 percent from 142,316 home sales in 2005. The Illinois median home sale price in the third quarter was $209,000.

“It’s clear the housing market is stabilizing and is shaping up to be the third best year for Illinois home sales. Conditions are ideal for buyers as we head into the home stretch for 2006 with more choices and room to negotiate with current inventory levels,” said Robert Zoretich, president of the Illinois Association of REALTORS. “Sellers are offering competitive pricing in line with current market conditions. We do expect a more balanced market between buyers and sellers by early spring which will support future price gains.”

3Q06 News Release
3Q06 All Sales Report (pdf file)