Housing Bubble
Illinois home sales fall, prices rise
February 25, 2003
SPRINGFIELD, Ill., Feb. 25 /PRNewswire/ -- The median price of existing, single-family homes in Illinois in January rose 8.1 percent and sales were off by less than one percent compared to the same period one year ago, according to the Illinois Association of REALTORS® (IAR). The median, existing single- family home price increased from $147,900 in January 2002 to $159,879 in January 2003. January's 2003 total sales volume of 6,434 sales, down 0.7 percent from one year ago, was the second highest reported on record, since the Association began reporting statistics in 1990. The condominium sales market in the state continues to surge ahead. There were a total of 2,646 existing condominium sales in January, up 8.4 percent from the previous January of 2,442 sales in 2002. The statewide condominium median price for January was $168,200, up 8.7 percent from one year ago.
"Housing continues to be among the few bright spots in the U. S. economy, which is weathering the storm under a cloud of uncertainty due to the nation's potential war conflict. Sales are at a level normally anticipated for this time of year with wintry weather conditions," said Toni Sherman, president of the Illinois Association of REALTORS®. "Consumers are having the confidence to proceed with major purchases because of improving employment conditions and mortgage interest rates at or below 6 percent."
The average home price held at $186,793 last month, which is a 6.8 percent increase from $174,900 in January 2002. Illinois' median time on market edged up slightly from 39 days in January 2002 to 41 days in January 2003.
The monthly average commitment rate on 30-year, fixed-rate mortgages in the North Central region was 6.03 percent, compared to 7.09 percent in January 2002. Last month's interest rate was the lowest reported since the mid-1960s. The average mortgage rates were calculated through the Primary Mortgage Market Survey, conducted by the Federal Home Loan Mortgage Corporation.
Existing, single-family home sales totaled 4,189 in the Chicagoland Primary Metropolitan Statistical Area (PMSA) off by 0.9 percent last month, compared to January 2002 sales totals of 4,225. The median price of existing, single-family home sales in the Chicago PMSA rose 9.9 percent to $203,800.
The Chicagoland PMSA includes the counties of Cook, DuPage, Lake, McHenry, Kane, Will, Grundy and Kendall and consists of data from the Multiple Listing Service of Northern Illinois, which includes 11 boards and associations of REALTORS®.
The Illinois Association of REALTORS® is a statewide trade association whose 41,000 members are engaged in all facets of the real estate industry
Source: Illinois Association of REALTORS
