Illinois Housing Statistics - Feb. 2006 Marks New High

February Single-Family Home Sales Mark a High for Illinois;

Statewide Median Price at $190,000 Single-family homes sales were up 4.4 percent in February, while total home sales (which include single-family and condominiums) were up 1.8 percent to 9,936 homes sold, compared to 9,759 homes sold in February 2005. The Illinois median home price in February was $190,000, up 2.2 percent from $185,900 a year earlier. The median is a typical market price where half the homes sold for more, half sold for less. Year-to-date, home sales are down a fractional 0.2 percent, from 19,111 homes sold in 2005 to 19,078 in 2006. “REALTORS report a good start for the housing year in Illinois with prices continuing to make gains at modest, healthy levels and activity improving in the single-family market,” said Stan Sieron, CRS, GRI, president of the Illinois Association of REALTORS. “Economic factors that affect the housing market in Illinois—such as jobs and consumer spending—have been improving modestly as well and demand for homeownership remains strong.” Read the February 2006 release. Illinois Home Sales Close Record Year in 2005 Fourth Quarter Sales Ease 1.5 Percent; Statewide Median Price at $205,000 Continued strong demand for homeownership drove home sales to an all-time high in 2005, with a slower pace in the last quarter. Total home sales, which include single-family homes and condominiums, were up 2.0 percent in Illinois in 2005. In 2005, a total of 183,123 homes were sold across the state, compared to 179,549 sales in 2004. IAR’s latest report showed that 40,817 homes were sold across the state in the fourth quarter, down 1.5 percent from 41,442 sales in the fourth quarter of 2004. “The Illinois housing market continues to be a solid driver of the state’s economy and, in 2006, REALTORS anticipate strong demand for homeownership and favorable price appreciation,” said Stan Sieron, CRS, GRI, president of the Illinois Association of REALTORS. “Home sales in Illinois tend to follow a seasonal trend with the strongest months being April through September, so it’s no surprise that fourth-quarter activity over the holiday months was slower than previous periods. For the quarter, rates inched up above six percent and this combined with mild job and economic growth factored in as well to homebuyer decisions.” Read the full Fourth Quarter 2005 release

• See Fourth Quarter 2005 charts (pdf file)

Get detailed 2005 Year-End charts (pdf files):

• All Sales
• Single-Family
• Condo Appraisal , Real Estate , Appraiser