Year-to-date Metro East home sales on the rise
From Illinois Business Journal news services
BELLEVILLE — St. Clair, Monroe and Randolph counties all saw an increase in year-to-date home sales in July 2015 compared to July 2014, according to newly released numbers from the Realtor Association of Southwestern Illinois.
Additionally, Monroe and Randolph counties also recorded a monthly increase in home sales in July 2015 compared to last July.
St. Clair County recorded a 13.6 percent increase in year-to-date sales. Monroe County reported a 31.6 percent increase. Randolph County reported a 10 percent increase. The trend is in line with the statewide increase. According to the Illinois Association of Realtors, statewide home sales saw six months of consecutive gains.
Compared to July 2014, Realtors in Randolph County recorded 25 percent increase in home sales in July 2015. Monroe County also recorded 32.5 percent increase in home sales in July of this year compared to July 2014. These Counties also saw a rise in home sales over the previous month (June 2015). Realtors in Monroe County sold 10.4 percent more homes in July 2015 over June 2015, while Realtors in Randolph County sold 15.4 percent more homes in July 2015.
“As we gear up for the fall season, we are excited to continue the positive trend in the Metro-East Housing market,” states Doug Payne, president of the Realtor Association of Southwestern Illinois. “There are quite a few unique and helpful mortgage products that can help a buyer in today’s market.”
Payne said a new program from the Illinois Housing Development Authority called New 1stHomeIllinois is available in 10 Illinois counties, including St. Clair County. 1stHomeIllinois includes $7,500 in down payment and closing cost assistance and is available to first-time buyers, veterans, and those who haven’t owned a home in three years.
Median home prices in the Metro East are also on the rise. Compared to July 2014, St. Clair County reported a 3.9 percent increase in median home price for July 2015. The state association also stated that sellers saw this trend and are benefitting from it. Illinois home prices have risen annually for 35 consecutive months, and 52 Illinois counties reported an increase in median home prices in July 2015. IAR reported that the statewide median home price increased 6.1 percent this July.
The housing statistics are as follows (statistics provided by the SIR/MLS, Inc. and the Illinois Association of Realtors):