Illinois existing home sales show gains, but still down 26.7% from a year ago

Illinois existing home sales show gains, but still down 26.7% from a year ago
By Mary Ellen Podmolik
Copyright © 2009, Chicago Tribune
8:30 AM CDT, April 23, 2009
http://www.chicagotribune.com/business/chi-biz-illinois-existing-home-sales-april23,0,6442517.story


Sales of previously owned homes in Illinois posted their second month-over- month gain in March, leading the home-selling industry to grow cautiously optimistic as the spring selling season really gets underway.

Despite the fact that record numbers of U.S. Workers are seeking jobless benefits, those with job security who can qualify for a mortgage appear to be entering the market in baby steps.

Existing home sales rose 35.5 percent in March over February, the Illinois Association of Realtors said Thursday. Still, home sales were down 26.7 percent from March 2008.

Of note was the fact that for the first time since June 2008, the statewide median home price rose from the previous month. In March, the median selling price was $149,995, a 6.6 percent increase over February. The median sales price was $190,000 in March 2008. The median price means half the homes were sold for more than that and half for less.

in the Chicago area, home sales recorded a month-over-month gain of 38.3 percent. March sales dropped 26 percent on a year-over-year basis. The area's median price rose 5.7 percent during the month, to $194,000.

Within the city of Chicago, March home sales were up 40.6 percent for the month and the median price rose 0.8 to $220,000.

Nationally, A real estate group says sales of previously occupied homes sank by an unexpectedly large amount from February to March, dashing hopes of a spring housing recovery.

The National Association of Realtors said Thursday that home sales fell 3 percent to an annual rate of 4.57 million last month, from a downwardly revised pace of 4.71 million units in February. Sales had been expected to fall to an annual pace of 4.7 million units, according to Thomson Reuters.

The median sales price plunged to $175,200, down 12.4 percent from $200,100 a year earlier, but up from $168,200 in February. While median sales prices typically rise slightly in early spring, the 4 percent monthly increase was larger than expected.

-- The Associated Press contributed to this report.