Greater Gateway home sales figures reflect continued market interest

Greater Gateway Association of Realtors today released home sales figures through May that moslty show a continuing upward climb in Metro East.

The monthly average commitment rate for a 30-year, fixed-rate mortgage was 4.47 percent in April 2018, an increase from 4.44 percent the previous month and up from 4.05 percent in April 2017.

“The Illinois and Chicago housing markets continue their modest upward trends,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory of the University of Illinois. “While the effect of rising mortgage interest rates has yet to be felt, consumer sentiment remains strong. For Illinois, job growth remains way behind the national rates and this sluggishness is reflected in the more muted growth of housing sales and prices.”