Home sales in Ohio and Illinois eased in April, as prices improved from year-ago levels, according to Realtor associations in both states.
In Ohio, sales of new and existing homes last month fell to 12,132, a 1.5 percent drop from the month’s record of 12,318 sales posted a year ago, the Ohio Association of Realtors reported.
“The recent increases in mortgage interest rates, combined with higher energy costs may have helped contribute to bring the Ohio housing market back to a more traditional April sales level,” said Darlene Breen, president of the Ohio Association of Realtors.
The month’s average sales price of $150,067 is 0.9 percent ahead of the year-ago average of $148,790, the association said.
In Illinois, total homes sales (which include single-family and condominiums) were down 8.4 percent in April to 14,569 homes sold, compared with the previous record for the month of 15,897 homes sold in April 2005.
The Illinois median home price in April was $203,500, up 4.4 percent from $195,000 a year earlier. The median is a typical market price where half the homes sold for more, half sold for less.
“Coming off four consecutive years of home sales at a record pace, Illinois is following the national trend in April as the market adjusts to a more normal range of activity,” said Stan Sieron, president of the Illinois Association of Realtors. “Still, home resale values have not declined and buying a home continues to be a solid investment. This period of rebalancing in the market will be good for the long-term strength of the housing sector.”
Illinois’ single-family home sales totaled 9,848 in April, down 9.2 percent from 10,845 single-family homes sold in April 2005. The median single-family home price in April was $196,000, up 2.3 percent from $191,500 a year earlier.
In the Chicagoland Primary Metropolitan Statistical Area (PMSA), single-family home sales totaled 5,833 in April, down 12.7 percent from 6,681 home sales in the same month last year. The median single-family home price for the Chicagoland PMSA was $270,000, up 5.9 percent from $254,900 in April 2005.
Statewide, 4,721 condominium sales were reported in April, down 6.6 percent from 5,052 condo sales in April 2005. The condo median price for April was $211,860, up 5.9 percent from $200,000 one year ago.
Condominium sales in the Chicagoland PMSA decreased 6.5 percent in April to 4,572 units sold, and the condo median sales price increased 5.4 percent to $214,920. April 2005 condo sales for the Chicagoland PMSA totaled 4,890; the median price was $204,000.