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

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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

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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

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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

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The latest forecast from the National Association of Realtors is predicting a recovery in sales of existing-home sales during the second half of the year.

NAR President Richard F. Gaylord said the current market offers immediate benefits and long-term value for many buyers. “Home buyers are getting a great deal right now,” he said. “Although inflationary expectations appear to be under control for the time being, sharper consumer price gains could lead to notably higher mortgage interest rates in 2009.”

Based on current indicators, the 30-year fixed-rate mortgage is forecast to rise gradually to 6.5 percent by the end of this year, and then hold at that level for most of next year.

Tags: home sales

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Home sales in Illinois were up in June over May, according to the latest report from the Illinois Association REALTORS. Low consumer confidence and a troubled economy, however, continue to strain the overall housing market, the report found.

Total home sales (including single-family homes and condominiums) were up 3.6 percent in June to 11,643 sales compared to May’s 11,243 sales. Year-over-year sales were down 27 percent from June 2007’s 15,945 sales. Illinois’ June median price was $200,000, down 6.1 percent from $213,000 in June 2007.

“There continues to be large local market variations statewide,” said Kay Wirth, president of the Illinois Association of REALTORS. “Economic factors have weighed heavily on home sales activity in Illinois this summer. Low consumer confidence, higher gas and good prices, plus turmoil in the financial markets and a tighter credit market have kept some would-be buyers on the sidelines despite the fact there are great deals to be had,”

The REALTORS’ group also reported that the monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 6.38 percent in June 2008, up 0.34 points from the 6.04 average rate the previous month. Those stats are according to the Federal Home Loan Mortgage Corp. Last June the rate averaged 6.69 percent.

Tags: Illinois, real estate, sales

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Oak Brook’s average listing prices for the week ending July 16, according to stats compiled by Trulia:

1 bedroom: $157,444

2 bedrooms: $519,186

3 bedrooms: $732,753

4 bedrooms: $1,423,488

The average listing price for all homes was: $1,098,066

The average sales price for all homes from April to June was $499,225 and 20 homes were sold during that period, according to Trulia.

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

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Ever wonder about the “typical” Illinois home buyer or seller?

The 2007 Illinois Profile of Home Buyers and Sellers, conducted by the National Association of REALTORS and funded by the Illinois Association of REALTORS, offers some interesting insights.

Highlights - Characteristics of Home Buyers

• The median age of home buyers was 40 years old. Among first-time buyers, the median age was 31.
• The median household income of home buyers was $78,900 compared to $73,960 in the U.S.
• 60 percent of home buyers reported that there were no children under age 18 residing in the home.
• 58 percent of home buyers were married couples, 21 percent single females, 10 percent single males, and 8 percent were unmarried couples.
• First-time home buyers accounted for 37 percent of homes purchased in 2007.
• 49 percent of first-time home buyers were between 25 and 34 years old.
• The median income of first-time home buyers was $63,100 compared to $58,573 among all first-time buyers nationally.
• 29 percent of homebuyers reported using a social networking Web site such as MySpace, Facebook, LinkedIn and Friendster.

Highlights - Characteristics of Homes Purchased

• 62 percent of homes purchased were detached single-family homes.
• The typical home buyer purchased a home 9 miles from their previous residence.
• The median price of homes purchased was $228,557 (in the survey period) compared to $215,000 in the U.S.
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Highlights - The Home Search Process

• Recent home buyers searched for a home for a median 8 weeks and saw a median 11 homes.
• 86 percent of home buyers used a real estate professional during their home search.
• 67 percent of home buyers used the Internet frequently to search for homes.
• Among home buyers, the typical Internet searcher was 37 years old and visited a median 15 homes. The typical home buyer that did not use the Internet to search for homes was 48 years old and saw a median of 6 homes.
• 41 percent of home buyers first learned about the home they purchased from a real estate professional; 32 percent first learned about the home they purchased through the Internet.
• 82 percent of buyers viewed the Internet as a very useful tool in their home search.

Highlights - Home Sellers and their Selling Experience

• The median age of home sellers was 41 years old; they had a median household income of $92,700
• 73 percent of home sellers were married and 51 percent had no children under 18 years old living at home.
• The typical home seller owned their home for 6 years.
• The typical home was on the market for 8 weeks; 42 percent of home sellers did not reduce their asking price before their home sold.
• 84 percent of sellers used an agent or broker to sell their home.
• 57 percent of all sellers were very satisfied with the selling process.

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The Illinois housing market improved in May, with sales up 17.3 percent over April, according to the Illinois Association of Realtors’ latest report.

“Illinois defied the national trend for the third time in the last six months by adding 4,000 jobs in May, registering a 0.35 percent growth in jobs in the last 12 months,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois.

Hewings forecast a sales decline in July but says a steady sales pace is expected in August.

Tags: Illinois, real estate, sales

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