Encouraging signs in March Illinois home sales

Today IAR released its home sales report for March data. Home sales were up 21.1 percent statewide in March 2012 compared to March 2011 and median prices held steady, breaking a 20-month streak of price declines.

“There are encouraging signs in the market,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois, in his Illinois housing market forecast. “Sales volumes are up, time-on-the-market levels are down significantly from a year ago and prices appear to be stabilizing in Illinois although continuing to fall in the Chicagoland area. Further, in the last month there was a more even spread of sales prices compared to previous months where homes sold for less than $200,000 dominated the market.”

IAR recently spoke to Dr. Hewings about the spring real estate market. In this video, he talks about an expected rise in home sales, the impact distressed properties continue to have on prices and the current market factors — including rising rents and low mortgage rates — that could prompt more people to buy.

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About Stephanie Sievers

Stephanie Sievers is Senior Editor for the Illinois Association of REALTORS®. She serves as Senior Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.