July 9, 2012 (Shirley Allen)
Monthly sales of existing single-family homes and condominiums jumped over 20 percent in Illinois during May while the Chicago area saw its first year-over-year increase in home prices in over four years according to the latest data from the Illinois Association of REALTORS® (IAR).
An estimated total of 11,984 existing homes and condos were sold in the Land of Lincoln in May, the most sales for a May in five years. Home sales were 20.3 percent higher than the 9,961 homes sold in April and were 22.1 percent higher than the 9,815 homes sold in May 2011.
The median sales price for an existing home in Illinois increased 7.4 percent to $145,000 from $135,000 in April and was up 3.6 percent from May of last year, the first year-over-year price increase in 23 months.
Bob Floss, president of the Illinois Association of REALTORS®, stated, “First-time homebuyers, move-up buyers and investors are finding compelling pricing and historically low interest rates as a perfect incentive to buy now. With a scarce supply of rental homes available and rents increasing across the city, those on the fence are using this market to make their mark and purchase a home. REALTORS® are optimistic the market is stabilizing and will continue to show affordable options be absorbed by homebuyers this year.”
Forty-seven of the 100 counties that reported data posted higher home sales than a year ago, twelve more than the previous month, while 51 of the counties posted an increase in their annual median sales price, up from 42 last month.
In the nine-county Chicago Metropolitan Statistical Area (MSA), sales of existing homes and condos totaled 8,276 in May, up 21.5 percent from 6,814 homes sold in April and up 25.3 percent from 6,605 homes sold in May of 2011.
The median sales price for a home in the Chicago MSA was $170,000 in May, up 6.3 percent from a median price of $160,000 in April and up 0.1 percent compared to May of last year when the median sales price was $169,900. It was the first time in 49 months that year-over-year home prices in the Chicago MSA have increased.
Tags: existing homes, condos, sales, median home prices, Illinois