Illinois Home Sales Up 25-Percent from 2011

August 22, 2012

Lower prices and interest rates have brought a surge in Illinois home sales to up by 25-percent from a year ago.

Illinois Association of Realtors spokesman Jon Broadbooks said any reservations people have about state of the economy are overcome by improvements in the housing market.

"In some cases, I see studies where the break even point is about 3 years versus renting," he said. "So I think a lot of people are going 'well, it makes more sense perhaps to go ahead and buy the house and have that asset.' It will appreciate over time."

The statewide median price is $148,000, but that figure varied around east central Illinois. Home sales were up 22-percent in Champaign County, where the median price is just under $137,000. 

Home prices also saw large decreases in Macon, Ford, and Moultrie counties, but they were the opposite in Piatt and DeWitt counties.

The monthly average for a 30-year, fixed-rate mortgage for the North Central Region was 3.54 percent.

Story source: WILL