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Statewide and locally, home sales — and prices — tick upward

According to the latest report from the Illinois Realtors, statewide home sales in July 2019 totaled 16,357 homes sold, up 0.3 percent from 16,310 in July of 2018.

The statewide median price in July was $219,348, up 2.6 percent from July 2018 when the median price was $213,825.

“The warm weather selling season appears to be ending with a flourish as sales picked up statewide from what we saw in June,” said Illinois Realtors president-elect Ed Neaves, and managing broker of Berkshire Hathaway Home Services Snyder Real Estate in Bloomington. “Consumers are well positioned in this more balanced market where buyers still stand to reap modest gains, and sellers benefit from more stable pricing.  Plus, interest rates continue to be attractive, making it easier for the on-the-fence buyer to justify looking for a home.”

The time it took to sell a home in July averaged 43 days statewide, down 2.3 percent from a year ago.

The monthly average commitment rate for a 30-year, fixed-rate mortgage was 3.77 percent in July 2019, a decrease from 3.80 percent the previous month and down from 4.53 percent in July 2018.

“The gyrations in the stock market and the constant discussion about the possibility of a recession are likely to affect consumer confidence in the months ahead,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois.  “Low interest rates and only modest price increases would normally be expected to boost sales, but there appears to be hesitation stemming from limited supply and the market turmoil.”

The graphic above is provided by Glen Carbon-based Gateway Association of Realtors and is based on figures provided by Maris Faststats Market Reports.

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