Three facts about Illinois October home sales #IARMarketStats

The Illinois Association of REALTORS® released the October housing report this morning. #IARMarketStats

Statewide, October home sales inched 0.2 percent higher than a year ago and the median price increased 6.0 percent year-over-year. Here are a few more takeaways from today’s data:

  • The statewide median price ($159,000 in October) has experienced annual gains for the last 26 consecutive months.
  • Homes on the market are moving fairly quickly. Statewide, homes averaged 74 days on market before being sold in October. The time was even shorter for the Chicago PMSA (61 days) and in the city of Chicago (51 days).
  • The majority of Illinois counties saw median prices and sales increase in October. Sixty counties had price gains while 52 counties had year-over-year sales increases during the same time.


Coming Thursday: Illinois October Home Sales Report

Photo credit: Bigstock

The Illinois Association of REALTORS® will release the Illinois October home sales report at 8 a.m. Thursday, Nov. 20. The latest information about Illinois home sales, median prices and a forecast of future trends in the state’s housing market will be posted on our website at #IARMarketStats

Morning Minute: As FHA finances improve, REALTORS® urge agency to lower insurance fees

Following news that that the Federal Housing Administration’s (FHA) Mutual Mortgage Insurance Fund is now profitable, the National Association of REALTORS® (NAR) is urging the agency to decrease insurance premium fees for consumers.

“Now that the MMI Fund is on a path to recovery, NAR urges FHA to lower its annual mortgage insurance premiums and eliminate the requirement that mortgage insurance be held for the life of the loan. Achieving homeownership has become more difficult with current FHA mortgage insurance premiums,” said NAR President Chris Polychron in a statement.

Polychron added that NAR estimates that nearly 400,000 creditworthy borrowers were priced out of buying a home in 2013 because of high FHA insurance fees.

In other headlines:

U.S. Housing Starts Down 2.8%, but Single-Family Market Shows Strength – Wall Street Journal

US homebuilder sentiment rallies in November – Belleville News-Democrat

Morning Minute: Stronger market ahead for commercial real estate

The U.S. commercial real estate market is expected to see gains in prices and rents in the next few years as the the economy improves, more jobs are created and energy costs decline, according to National Association of REALTOR® Chief Economist Lawrence Yun. Read more.

In other headlines:

Morton ranked number one “Best Value” suburb in America – WEEK TV

Applications for new home purchases jump 8% in October – HousingWire

Million-Dollar Sales Are Soaring – Daily Real Estate News

Morning Minute: Mortgage rates climb above 4 percent, but still lower than a year ago

Fixed mortgage rates inched a little higher this week, climbing just over 4 percent, but rates still remain lower than a  year ago. Freddie Mac economists attributed the increase to stronger economic news. The 30-year, fixed rate mortgage averaged 4.02 percent this week while the 15-year, fixed averaged 3.21 percent. Read more.

In other headlines:

5 Million Households Lost to Roomie Trend – Daily Real Estate News

Institutional investment in housing drops to 4-year low – HousingWire