July Existing Home Sales Up From Year Ago

Sales of existing homes in Illinois were up 18.4 percent in July compared to a year ago, while the statewide median price went down 3.8 percent.

Figures released Thursday by the Illinois Association of Realtors show the state's home sales continuing to recover, but not the selling prices.

That's also the case in Champaign County, where July home sales were up sharply from a year ago, while the median selling price had fallen 11 percent.

Champaign County Association of Realtors President Max Mitchell said that's been the case for some time, as the country recovers from the collapse of the housing bubble.

"When our market was very active, sellers would put their house on the market, and sell in a reasonable time as long as they were priced properly," Mitchell said. "What we've seen in the past two years, is that sellers have been selling their homes for significantly less."

The Regional Economics Applications Laboratory at the University of Illinois analyzes housing sales data for the Illinois Association of Realtors. REAL director, Dr. Georffrey Hewings, said the fall in home prices has been largely due to the the number of foreclosed properties on the market. But he said he thinks that trend is slowing down.

"Over the next three months, we anticipate that prices will continue to move down, but at much, much slower rates than this time last year," Hewings said. "So, I think there's some general sense we have, that the market, if it isn't at the bottom, it's pretty close to it."

Hewings said home sales are recovering, after taking a fall last summer, when a federal tax credit for home buyers expired. Hewings said he believes the total number of Illinois home sales should continue to grow during the next three months.

The total number of homes sold in July in Champaign County was 195, up 43.4 percent from a year ago, and 105 homes sold in Macon County, for a 50 percent improvement. The 35 homes sold last month in Vermilion County represent a nearly 14.6 percent decline, although year-to-date home sales are up 16 percent from 2010.