Statewide Median Price at $179,650SPRINGFIELD, Ill., Oct. 24 /PRNewswire-USNewswire/ -- According to the Illinois Association of REALTORS(R) latest report, September total home sales (which include single-family and condominiums) were down 8.7 percent in September 2008 to 9,686 sales compared to September 2007 sales of 10,604.
The Illinois median price in September was $179,650, down 9.7 percent from $199,000 in September 2007. The median is a typical market price where half the homes sold for more, half sold for less.
(Chicago Downtown retail district, middle left photo)
"The fortunes of the housing market are clearly challenged by the major downturn in the economy. Illinois lost a further 3,700 jobs in September, generating a loss of over 14,000 jobs in 2008," said Dr. Geoffrey J.D. Hewings, (top right photo) director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois.
"If there was any good economic news in the last month it would have to be the universal realization that the downturn in the economy has reached proportions that have many analysts suggesting that it is by far the worst since the Second World War."
Regarding the longer-term outlook, in the latest REAL forecast Hewings says: "W
ith the passage of the bailout plan and the international collaborative efforts to address the systemic problems of ailing economies, there is some basis for optimism that a turnaround may be possible in 2009."
ith the passage of the bailout plan and the international collaborative efforts to address the systemic problems of ailing economies, there is some basis for optimism that a turnaround may be possible in 2009."The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 6.05 percent in September 2008, down 0.47 points from the 6.52 average rate the previous month, according to the Federal Home Loan Mortgage Corporation.
Last year in September it averaged 6.41 percent. Sales numbers improved in September as people took advantage of the
se buyers-market conditions with low interest rates, ample supply, and negotiating room on price.
se buyers-market conditions with low interest rates, ample supply, and negotiating room on price. Other positives for buyers are the new tax credit for first-time buyers and increased loan limits on FHA-insured mortgages," said REALTOR(R) Pat Callan, (middle right photo) president of the Illinois Association of REALTORS(R).
"Some downward pressure on prices is expected as we move through the inventory of homes and some would-be buyers and sellers simply wait out uncertainty in the financial markets and economy."
(Marcus & Millichap's Chicago area retail forecast chart, middle right)
According to the IAR report, home sales were up in 33 of 101 Illinois counties reporting in September including DeKalb, up 12.9 percent; Kane, up 4.7 percent; Kendall, up 5.1 percent; Macon, up 8.6 percent; McLean, up 3.0 percent; Morgan, up 15.2 percent, Saint Clair, up 1.4 percent; Sangamon, up 10.1 percent; Tazewell, up 6.8 percent; and Will, up 4.9 percent.
In the city of Chicago, September total home sales (single-family and condominiums) were down 16.0 percent in September 2008 to 1,770 sales compared to September 2007 sales of 2,108. The city of Chicago median price in September was $267,7
50, down 10.6 percent from $299,450 in September 2007.
50, down 10.6 percent from $299,450 in September 2007."We continue to see opportunities in the market for homebuyers and investors," said David Hanna, (bottom left photo) president of the Chicago Association of REALTORS(R). "Lenders continue to add loan products that offer buyers flexibility with their down payment and credit score. This paired with low interest rates and great values on the market make it the optimal time to invest in real estate."
In the Chica
goland Primary Metropolitan Statistical Area (PMSA) home sales (which include single-family and condominiums) totaled 6,371, down 6.2 percent from 6,794 home sales in September 2007.
goland Primary Metropolitan Statistical Area (PMSA) home sales (which include single-family and condominiums) totaled 6,371, down 6.2 percent from 6,794 home sales in September 2007.The Chicagoland PMSA, as defined by the U.S. Census Bureau, includes Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties.The median home sale price for the Chicagoland PMSA was $224,000 in September 2008, down 13.0 percent from $257,500 in September 2007.
CONTACT: Mary Schaefer or Ann Londrigan, both of the Illinois Association of REALTORS, +1-217-529-2600
Web Site: http://www.illinoisrealtor.org/
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