According to the latest report from the Illinois Realtors, statewide home sales in November 2016 totaled 11,341 homes sold, up 14.8 percent from 9,881 in November of 2015.
The statewide median price in November was $178,000, up 7.9 percent from November 2015 when the median price was $165,000.
“Buyers were significantly motivated in November, with the depressed sales numbers from October suddenly seeing a reversal,” said Illinois Realtors President Doug Carpenter of Mokena, managing broker of Coldwell Banker Honig-Bell in Orland Hills. “Sellers were the big beneficiaries of this surge in market interest, as buyers determined now that the election is over and interest rates might be moving higher, it’s time to finally make a decision.”
The time it took to sell a home in November averaged 62 days statewide, down from 68 days a year ago.
The monthly average commitment rate for a 30-year, fixed-rate mortgage was 3.77 percent in November 2016, an increase from the 3.47 percent the previous month and down from 3.93 percent in November 2015.
Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory of the University of Illinois said “With the election finally over, consumers appeared to have responded with a significant growth in sales (year-over-year) and supply continues to be a problem, but prices of both regular and foreclosed properties increased and the forecasts suggest that these trends will continue into the first quarter of 2017.”
Here is the latest Monthly Home Sold Report from MARIS updated through Nov. 30 for the Greater Gateway Association of Realtors based in Glen Carbon.