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Illinois Home Sales Down in June, But Homes Sell Quickly and at Higher Median Prices

Illinois homebuyer demand was strong in June’s competitive summer market with homes selling quickly and at higher median prices, according to Illinois REALTORS®.

Statewide home sales (including single-family homes and condominiums) in June totaled 18,310 homes sold, down 6.2 percent from 19,514 in June 2017.

The statewide median price in June was $225,000, up 4.5 percent from June 2017, when the median price was $215,251. The median is a typical market price where half the homes sold for more and half sold for less.

“Clearly, demand is far outstripping the supply of homes on the market this summer,” said Matt Difanis, ABR, CIPS, GRI, president of Illinois REALTORS® and broker-owner of RE/MAX Realty Associates in Champaign. “June extended a trend we have seen for much of the year in many areas where any sluggishness in sales is counterbalanced by steady increases in median prices.”

The time it took to sell a home in June averaged 44 days, down from 49 days a year ago. Available inventory totaled 58,133 homes for sale, a 6.7 percent decline from 62,309 homes in June 2017.

According to the data, home sales in the Carbondale-Marion MSA (Jackson and Williamson counties) totaled 131 units, a 23.6 percent increase while the median price was up 7.3 percent to $134,000; in the Decatur MSA (Macon) sales increased 24.6 percent to 147 units sold and the median price rose 4.9 percent to $112,000; and in the Metro East MSA (Bond, Calhoun, Clinton, Jersey, Macoupin, Madison, Monroe and St. Clair counties) sales were up 0.1 percent to 908 units sold and the median price climbed 5.0 percent to $147,000.

The monthly average commitment rate for a 30-year, fixed-rate mortgage was 4.57 percent in June, a decrease from 4.60 percent the previous month, according to the Federal Home Loan Mortgage Corp. In June 2017, it averaged 3.90 percent.

In the nine-county Chicago Metro Area, home sales (single-family and condominiums) in June totaled 13,323 homes sold, down 7.3 percent from June 2017 sales of 14,378 homes. The median price in June was $263,000 in the Chicago Metro Area, an increase of 4.4 percent from $252,000 in June 2017.

“Compared to the same month last year, prices continued to move upward but sales declined,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois. “However, there appears to be increasing sentiment that supply shortages are dampening market activity. The Fannie Mae Home Purchase Sentiment Index fell after reaching new highs, reflecting consumer uncertainty about income growth and the economy in light of potential trade wars.”

According to the data, forty-three (43) Illinois counties reported sales gains for June over previous-year numbers, including St. Clair County, up 6.0 percent with 388 units sold; and Will County, up 0.1 percent with 1,288 units sold. Sixty-three (63) counties showed year-over-year median price increases including Winnebago County, up 9.4 percent to $128,500; DuPage County, up 5.3 percent to $300,000; and Cook County, up 3.1 percent to $270,000.

The city of Chicago saw year-over-year home sales decrease 8.7 percent with 3,087 sales in June, compared to 3,380 a year ago. The median price of a home in the city of Chicago in June was $312,750 up 2.0 percent compared to June 2017 when it was $306,750.

“The spring market has carried its upwards climb into summer with median sales price hitting a five-year high,” said Rebecca Thomson, president of the Chicago Association of REALTORS® and principal of Thomson Real Estate Group. “The increasingly limited inventory makes for a competitive market with faster sales and increasing prices. Buyers are entering a competitive market where turn-key homes are in high demand. Sellers need to stage and price strategically as the overall number of closed sales continues to shrink.”

Sales and price information are generated by Multiple Listing Service closed sales reported by 27 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of July 7, 2018 for the period June 1 through June 30, 2018. The Chicago Metro Area, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

Illinois REALTORS® is a voluntary trade association whose more than 47,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, Illinois REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation to safeguard and advance the interest of real property ownership.

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