Despite a dip in Illinois home sales in November from a year ago, sales for 2005 are headed for a fourth straight record year, aided by strong demand for condos, the Illinois Association of Realtors reported.
Total home sales (which include single-family homes and condominiums) were 13,390 in November, off just 0.9 percent from 13,514 sales in November 2004.
The Illinois median home price in November was $202,000, up 9.8 percent from $183,900 a year earlier. The median is a typical market price where half the homes sold for more, half sold for less.
Statewide, single-family home sales were down 4.2 percent in November 2005 to 9,240 homes sold from 9,642 in November 2004. The median single-family home price in November was $200,000, up 11.1 percent from $180,000 a year earlier.
In the Chicagoland Primary Metropolitan Statistical Area (PMSA), single-family home sales totaled 5,713, down 3.1 percent from 5,896 home sales in November 2004. The median single-family home price for the Chicagoland PMSA was $267,000, up 11.2 percent from $240,000 in November 2004.
Statewide, 4,150 condominium sales were reported in November 2005, up 7.2 percent from 3,872 sales in the same month last year. The condo median price for November was $204,000, up 7.4 percent from $190,000 one year ago.
Condominium sales in the Chicagoland PMSA rose 7.4 percent in November 2005 to 3,992 units sold, while the condo median sales price increased 7.8 percent to $208,000. In November 2004 condo sales for the Chicagoland PMSA totaled 3,717; the median price was $193,000.
“The housing market continues to be a bright spot in the Illinois economy,” said Stan Sieron, president of the Illinois Association of Realtors. “Residential real estate market activity has remained high despite interest rates inching upward. We are seeing increasing inventory across the state, so we should expect to see a greater balance between supply and demand in the coming months.”
The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 6.41 percent, up 0.27 points from the 6.14 average rate during the previous month, according to the Federal Home Loan Mortgage Corp. Last year in November it averaged 5.84 percent. The 30-year fixed-rate mortgage is projected to reach 6.6 percent during the second half of 2006.
Sales and price information is generated from a survey of Multiple Listing Service sales reported by 36 participating Illinois Realtor local boards and associations. The Chicagoland PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
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