June saw year-over-year gains in sales and median prices in both Illinois and the nine-county Chicago PMSA. In fact, the gains in the PMSA showed signs of strengthening in terms of median price, with a 1.7 percent increase in median prices in June 2012, according to data the Illinois Association of REALTORS® released today.
- Interest rates: The low interest rates sank to 3.67 percent in June. Although buyers still may be somewhat cautious about economy, the low interest rates are still a powerful lure to get folks back into the market.
- Home sales: Statewide home sales in Illinois increased 18 percent in June over previous-year levels, from 11,108 homes sold in June 2011 to 13,111 in June 2012.
- Median Prices: For Illinois, median prices increased 3.3 percent, from $150,000 in June, 2011 to $155,000 in June 2012. In the Chicago PMSA, median prices rose 1.7 percent year-over-year, going from $180,000 in June 2011 to $183,000 in June 2012. This is significant because this marks the second month of year-over-year gains in the PMSA.
“The combination of low prices and even lower interest rates in June far outweighed any lingering concerns on the part of prospective homebuyers about the broader economy,” said Loretta Alonzo, CRB, GRI, president of the Illinois Association of REALTORS® and Broker-Owner of Century 21 Alonzo & Associates in La Grange Park, Ill. “This year’s spring selling season clearly marked a promising turn in the housing market in Illinois.”
Link to the full news release: www.illinoisrealtor.org/newsrelease/June2012
*The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry, and Will.