Daily Journal staff report
SPRINGFIELD — Illinois home buyers snapped up homes in August, driving the statewide median price to its highest level in years, according to data from Illinois Reatltors. Statewide home sales, including single-family homes and condominiums, in August totaled 18,622 homes sold, up 16.8 percent from 15,950 in August 2019.
“The statewide median price in August was $238,000, up 11.3 percent from August 2019, when the median price was $213,750,” said Sue Miller, president of Illinois Realtors and a managing broker of Coldwell Banker Real Estate Group in McHenry.
It’s the highest statewide median price since 2008. The median is a typical market price where half the homes sold for more and half sold for less.
“The Illinois housing market continued its summer surge in August with strong gains in both home sales and median prices,” Miller said. “Consumers are motivated and ready to buy, but many are facing chronic inventory shortfalls and that is affecting their house hunting.”
The time it took to sell a home in August averaged 45 days, the same as last year. Available inventory totaled 40,449 homes for sale, a 35.5 percent decline from 62,737 homes in August 2019.
The monthly average commitment rate for a 30-year, fixed-rate mortgage was 2.94 percent in August, a decrease from 3.02 percent the previous month, according to the Federal Home Loan Mortgage Corp. In August 2019, it averaged 3.62 percent.
In the nine-county Chicago Metro Area, home sales (single-family and condominiums) in August totaled 13,360, up 19.6 percent from August 2019 sales of 11,169 homes. The median price in August was $280,000 in the Chicago Metro Area, an increase of 11.6 percent from $251,000 in August 2019.
“For the second month in a row, both the Illinois and Chicago housing markets recorded positive month-to-month and year-over-year increases in both prices and sales,” said Geoffrey J.D. Hewings, emeritus director of the Regional Economics Applications Laboratory at the University of Illinois.
Sales and price information are generated by Multiple Listing Service data on closed sales reported by 26 participating Illinois Realtors local boards and associations including Midwest Real Estate Data LLC data as of Sept. 8 for the period Aug. 1-31.
The Chicago Metro Area, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.