Chicago-area home sales up in June
By Mike Nolan email@example.com July 19, 2012 4:54PM
Updated: July 19, 2012 6:46PM
Sales of existing single-family homes rose more than 22 percent last month compared with June 2011, and the median sale price inched up nearly 2 percent, the Illinois Association of Realtors reported Thursday.
Last month’s sales of 9,156 single-family detached homes and condominiums compared with sales of 7,481 in June 2011, the Springfield-based association sale. The median sale price last month was $183,000 compared with $180,000 in June 2011, and it was the second consecutive month this year where year-over-year median sale price gains were recorded in the Chicago area, the IAR said.
“The combination of low prices and even lower interest rates in June far outweighed any lingering concerns on the part of prospective homebuyers about the broader economy,” Loretta Alonzo, CRB, the IAR’s president, said in a news release.
The National Association of Realtors said Thursday that sales of previously occupied homes fell 5.4 percent from May to June to a seasonally adjusted annual rate of 4.37 million homes. That was the fewest since October.
Compared with a year ago, sales are up 4.5 percent. But the annual sales pace is well below the 6 million that economists consider healthy.
Separately, mortgage buyer Freddie Mac said Thursday that the average rate on long-term fixed mortgages dipped to a new low.
The average rate on a 30-year loan decreased to 3.53 percent from 3.56 percent last week. The average rate on a 15-year mortgage declined to 2.83 percent, below last week’s previous record of 2.86 percent, Freddie Mac said.