Median sale price for single family homes up in Illinois
The median sales price for a single family home in Illinois increased during August, according to a new report from the Illinois Association of Realtors.
The median sales price for Illinois Homes during August was at $212,500, 1.2 percent higher than the same period last year.
The average sales price also increased for single family homes in Illinois. The average sales price during August was at $275,612, 2.6 percent higher than the same period last year.
However, home sales have declined dramatically around Illinois. The number of homes sold during August was 17.9 percent lower than the same period last year.
Many buyers remain hesitant to enter the market because of all of the bad news coming out of the real estate market around the country.
Other buyers are unable to qualify for a loan due to tougher requirements from banks and lenders hit hard by the fallout of the subprime market.
Industry experts expect the mortgage crisis to dampen demand in the next few months.
According to Lawrence Yun, senior economist from the National Association of Realtors,
“Unusual disruptions in the mortgage market are dampening the outlook for home sales, notably for August and September. The mortgage markets will calm further in the months ahead, but it’s important to underscore the fact that conventional loans—the vast majority of financing—are available to credit-worthy borrowers” Source: www.illinoisrealtor.org
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