It Ain't All Big Hair and Cadillacs

May home sales in Illinois up from previous month.

Total home sales rose 10.9 percent in May 2007 to 14,349 homes sold compared to 12,932 homes sold in April 2007. Sales were 18.6 percent below the 17,622 homes sold in May 2006. The Illinois median home price was $205,000, equal to the median price a year earlier.

Illinois Housing Statistics
May Illinois Home Sales Up from Previous MonthStatewide Median Price Remains $205,000
May home sales in Illinois rose for the fourth consecutive month in 2007 yet are lower than sales from May 2006. According to the Illinois Association of REALTORS latest report, total home sales (which include single-family and condominiums) were up 10.9 percent in May 2007 to 14,349 homes sold compared to 12,932 homes sold in April 2007. Sales were 18.6 percent below the 17,622 homes sold in May 2006. The Illinois median home price in May was $205,000, equal to the median price a year earlier. Year-to-date, sales were down 14.7 percent to 56,775 homes sold in 2007 compared to 66,575 homes sold January through May 2006.

“Overall sales are improving each month and we are still seeing positive gains in the median home sale price in many market areas in the state despite the overall housing market adjustment we are experiencing. Illinois REALTORS are reporting homes that are priced correctly and in move-in condition are selling,” said Robert Zoretich, president of the Illinois Association of REALTORS. “We continue to be in a strong buyers’ market with interest rates inching up and inventory levels giving buyers a greater variety of homes. Sellers are gradually becoming more realistic and flexible in the pricing of their properties.” Read the full release.
Illinois Median Price Slightly Higher in the First Quarter of 2007; Sales Down 14.2 Percent from a Year Ago

Home prices in Illinois held steady as weather in the first quarter of 2007 dampened sales activity. Total home sales (which include single-family homes and condominiums) totaled 29,390, down 14.2 percent from 34,235 home sales in the first quarter of 2006. The first quarter median home sale price was $197,000, up 0.5 percent from $196,000 a year earlier. The average sale price was $251,375, up 1.9 percent from $246,610 for the same period a year ago.

“Like the rest of the nation, the Illinois housing market took a hit from extreme winter weather in the first few months of the year but we should see activity picking up as buyers take advantage of the dynamics in place with this market including solid inventory levels, low interest rates and a range of housing options available across the state,” said Robert Zoretich, president of the Illinois Association of REALTORS. “As home sales moderate, overall home prices will be essentially flat this year. It’s too early to measure a significant impact from tighter lending standards due to the subprime fallout, which could moderately dampen activity, but we’re still looking for existing-home sales to gradually improve during the last half of 2007.” Read the full release.
Link to the 1Q07 release and detailed first quarter reports.