Sales cool in Prairie State

August 12, 2002

Survey shows slowdown in number of homes sold in Illinois, steady increase in median price


Inman News Features

Home sales in Illinois calmed in the second quarter as buyers saw a steady increase in the median price.

Existing single-family home sales in Illinois totaled 32,393 in the second quarter, a modest 0.7 percent increase from 32,168 during the same period a year ago, according to the Illinois Association of Realtors.

The statewide median price of an existing single-family home was $163,000, a 6.3 percent increase compared with the same period a year ago when the median was $153,300, according to IAR.

Year-to-date sales for the first six months of the year stand at 53,844 units, up 5.8 percent from 50,892 during the same period last year, reported IAR.

"Several economic indicators, such as business spending and consumer confidence, are showing little or no growth, but along with a stagnant economy comes historically low interest rates, which serve to bolster home sales," said IAR President Ron Hardgrove. "After experiencing record highs in the first half of the year, existing home sales are settling to more sustainable levels."

Condominium sales increased 6.2 percent from 12,126 in the second quarter last year to 12,872 in the second quarter this year. In the Chicagoland metro region, approximately 12,155 condos were sold, up 6.3 percent from 11,432.

The median price of condominium sales was up 10.9 percent to $167,000 in the second quarter, compared with $150,600 during the same period a year ago.

The IAR survey covers non-seasonally adjusted sales figures and median prices for existing, detached single-family homes and condos sold in 39 local association markets throughout Illinois.

IAR is a statewide trade association that includes approximately 40,000 members.

Copyright: Inman News Service