Illinois market may be stabilizing following home sales increase
January 25, 2011 - Affordable home prices may be encouraging homebuyers to moving to Illinois, though price declines are slowing down, said a report.
There were 7,682 homes sold in the state in December, up 11.1 percent from the previous month and down 7.3 percent from a year earlier, reported the Illinois Association of Realtors. The median home price in Illinois was $140,000 last month, down 7.9 percent from December 2009. On the year, home sales were down 3.8 percent from 2009, but December's increase was promising as it indicates economic conditions could make moving into a new home in the state affordable for most homebuyers this year.
"The gains in home sales made in December is encouraging given the time of year, and buyers can expect affordability conditions to remain high in early 2011 with mortgage interest rates still low," said Sheryl Grider Whitehurst, president of the IAR. "In 2010 we saw significant demand from first-time buyers and we look for the spring market to release some of the pent-up demand from many who've put their move-up or relocation plans on hold during the recession."
Whitehurst added the state's foreclosure issues could hold back recovery during the first half of 2011.
Other states have suffered from high foreclosures but still enjoyed a surge in home sales at the end of 2011. Southern California saw home sales climb 20.5 percent in December, reported MDA DataQuick, partly because low priced properties offered affordable relocation options.
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