Across the U.S., sales of existing homes climbed in July to their highest level in five months, the National Association of Realtors said.

In the Midwest, existing-home sales rose 0.9 percent to an annual rate of 1.12 million in July, but are 17.0 percent lower than July 2007. The Midwest’s median price was $175,400, up 1 percent from a year ago, the Realtors group said.

Nationally, existing-home sales, which includes single-family, town homes, condominiums and co-ops, went up 3.1 percent to a seasonally adjusted annual rate of 5 million units in July from a downwardly revised level of 4.85 million in June. But that is a drop from the 5.76 million-unit pace in July 2007.

Total housing inventory at the end of July was 4.67 million existing homes available for sale, which represents an 11.2.-month supply at the current sales pace, up from a 11.1-month supply in June. The rise in supply results from a sharp increase in condo inventory; the single family supply declined, according to the National Association of Realtors.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage hit 6.43 percent in July up from 6.32 percent in June.

Tags: , home sales, inventory, median price, Midwest, mortgage rate

Read Full Post »

Oak Brook’s average listing prices for the week ending Aug. 13, according to stats compiled by real estate search engine  Trulia:

1 bedroom: $154,836

2 bedrooms: $480,789

3 bedrooms: $715,361

4 bedrooms: $1,299,140

The average listing price for all homes was: $1,117,872

The average sales price for all homes from May to July was $609,273 and 22 homes were sold during that period, according to Trulia.

Tags: , DuPage, home sales, Illinois, listing price, Oak Brook

Read Full Post »

Oak Brook kicks off its 2008 Autum Fest at noon on Sunday, Sept. 21, at the Bath & Tennis Club, 800 Oak Brook Rd.

Activities last until 5 p.m. and all activities and rides for children of all ages are free. The Bath & Tennis Club will offer hamburgers, hot dogs and more for sale.

Children’s activities include pony rides, clowns, balloon artists, a magic show, moon jumps, cupcake decorating, sand art, a DJ who will play children’s music, tennis and golf (rackets and clubs will be supplied). Also on hand will be the village’s K-9 police officer, DARE officer and Fire Department personnel.

Tags: DuPage, Illinois, Oak Brook

Read Full Post »

Second quarter home sales in Illinois increased over the first quarter of 2008 but were lower when compared to the same period in 2007, according to the Illinois Association of REALTORS’ second quarter report. Total home sales (and that includes single-family homes and condominiums) were 32,414 in the second quarter, down 25.4 percent from 2007 when the sale of 43,438 homes was reported. The median home sale price for the quarter was $192,500, a drop of 6.8 percent from 2007’s $206,500. 

“While sales certainly have picked up across Illinois during the early spring and summer months, some buyers and sellers seem to be waiting for the all-clear signal to make a move in this market as economic and consumer confidence indicators remain weak,” said Kay Wirth, president of the Illinois Association of REALTORS.

  Wirth added that the new first-time buyer tax credit and foreclosure rescue program enacted by the Housing and Economic Recovery Act “should help stabilize the housing market.”

According to the Federal Home Loan Mortgage Corp., the second-quarter commitment rate for a 30-year, fixed-rate mortgage for the North Central Region averaged 6.12 percent, which was down from 6.40 percent one year ago.

   In the Chicagoland Primary Metropolitan Statistical Area, total home sales (including single-family and condominiums) dropped 28.9 percent in the second quarter to 20,679, as compared with the 29,092 homes sold in the second quarter last year. The median home sale price in the Chicagoland PMSA was $250,000 in the second quarter compared to $256,000 one year ago.

“Research shows that just one sale of a residential home in Illinois results in $28,413 in direct expenditures to other industries such as purchases of new furniture and appliances, repair costs and moving expenses. The housing market’s impact on the state’s economy underscores why REALTORS urge state and local government leaders to keep jobs in Illinois and foster a healthy economy,” said Wirth, a broker with Re/Max Unlimited Northwest in Crystal Lake.

Second quarter condo sales across the state were down—9,141 condos sold compared to 13,897 units sold in the second quarter of 2007. The 2nd quarter median price for a condominium in Illinois was $232,000, up from $223,000 a year ago.

Tags: home sales, Illinois, price

Read Full Post »

Oak Brook’s average listing prices for the week ending Aug. 6, according to stats compiled by Trulia:

1 bedroom: $154,274

2 bedrooms: $485,627

3 bedrooms: $738,085

4 bedrooms: $1,304,892

The average listing price for all homes was: $1,122,077

The average sales price for all homes from May to July was $609,273 and 22 homes were sold during that period, according to Trulia.

Tags: , DuPage, home sales, Illinois, listing price, Oak Brook

Read Full Post »

Oak Brook is celebrating its 50th anniversary in 2008, with events scheduled throughout the year. On the calendar for September:

The Village of Oak Brook hosts The Oak Brook 50th Anniversary Half Marathon starting at 7 a.m. on Monday, Sept. 1 (Labor Day). The run starts at Kensington Road, West of Jorie Blvd. and finishes in Oak Brook’s Central Park. Entry fee is $45. For more information, go to www.oakbrookhalfmarathon.com

Also on Sept. 1, the Forest Preserve District of DuPage County will host a solo exhibit featuring Oak Brook artist Judith Barath at Mayslake Peabody Estate, 1717 W. 31st St., Oak Brook. The exhibit, which is free, runs through Nov. 3. Call (630) 206-9566 for additional information.

Tags: DuPage, Illinois, Oak Brook

Read Full Post »

Oak Brook’s average listing prices for the week ending July 30, according to stats compiled by Trulia:

1 bedroom: $158,560

2 bedrooms: $518,292

3 bedrooms: $748,655

4 bedrooms: $1,328,100

The average listing price for all homes was: $1,112,221

The average sales price for all homes from May to July was $609,273 and 22 homes were sold during that period, according to Trulia.

Tags: , DuPage, home sales, Illinois, listing price, Oak Brook

Read Full Post »

Oak Brook’s average listing prices for the week ending July 23, according to stats compiled by Trulia:

1 bedroom: $158,707

2 bedrooms: $521,272

3 bedrooms: $718,530

4 bedrooms: $1,338,038

The average listing price for all homes was: $1,086,595

The average sales price for all homes from May to July was $609,273 and 22 homes were sold during that period, according to Trulia.

Tags: DuPage, Illinois, listing price, Oak Brook

Read Full Post »