Illinois Home Sales Down But Improving In Long Run: Analyst

April 23, 2014

A year ago at this time, Illinois home sales were surging. And even though they’re down this year, one housing analyst says they’re still showing long-term improvement.

The Illinois Association of Realtors reports just over 99-hundred existing homes sold in March ---  down 11-point-6 percent from a year ago. That’s the third straight month of year-to-year sales declines.

But Geoffrey Hewings with the U of I Institute of Government and Public Affairs says home sales in the state are still strong compared to recent years, , even if they’re not as strong as in 2013.

So while the numbers look as though we’re not doing quite as well, compared to the four or five years preceding this, we are still ahead of the game", said Hewings.

Hewings says one sign of strengthening home sales is a continued increase in the state’s median home price --- up 9-point-7 percent from a year ago.

Springfield-based Realtor and Illinois Association of Realtors President Phil Chiles pointed to other promising signs in a news release. "Low housing inventories and a decrease in the number of days to sell a home in Illinois are signals that consumers are feeling much better about the economy", Chiles said.

While Illinois home sales are down from last year, Champaign County home sales have been going up --- including an 8 percent year-to-year increase from last year. But Hewings says Champaign County home sales were lower last year than in most other Illinois metro areas. He says they’ve started to catch up with other parts of the state in recent months.

Story source: WILL