‘Excitement’ in local housing market
By Mike Nolan firstname.lastname@example.org October 19, 2012 7:04PM
Sales of existing single-family homes in the Chicago area rose 24 percent in September compared with the same month a year earlier, according to the Illinois Association of Realtors. | Michael Smart~Sun-Times Media
Sales data for select Southland communities, comparing September 2012 with September 2011.
Chicago Heights: Sales last month of 19, up from 12 homes sold in September 2011, and median sale price rose 28 percent to $39,000.
Oak Lawn: Sales of 33 homes last month unchanged from a year earlier, while median sale price edged down 3 percent to $170,000.
Orland Park: Sales last month of 22, up from 19 in September 2011; median price down 8.5 percent to $256,250.
Tinley Park: Sales of 29 homes last month up from 14 in September 2011; median price up 26 percent to $230,000.
Source: Mainstreet Organization of Realtors
Updated: November 22, 2012 6:33AM
Tonya Corder says a “sense of excitement” has returned to the local housing market.
Both buyers and sellers “are more optimistic than they have been in the past,” Corder, president of the Mainstreet Organization of Realtors, said Friday. Her comments came after data showed another strong month of year-over-year gains in sales of existing single-family homes in the Chicago area, although selling prices were stagnant.
Corder, managing broker of Keller Williams Preferred Realty in Orland Park, said she’s hopeful the momentum of the last few months can continue into the late fall and winter, typically a slow period for real estate overall.
She said she’s seeing more first-time buyers enter the market, and that cheap mortgages should continue to make home buying attractive. Freddie Mac said 30-year mortgage rates averaged 3.37 percent last week, and a Federal Reserve program to buy tens of billions of dollars worth of mortgage-backed securities each month is intended to keep a lid on rates.
In the Chicago metro area, sales of single-family homes and condominiums totaled 7,484 last month, up 24 percent from September 2011, the Illinois Association of Realtors reported. The median price of $160,000 last month was unchanged from a year earlier, the group said.
September sales were down 19 percent from August, when 9,240 homes and condos were sold, according to the Springfield-based association.
Nationally, sales of existing homes were down 1.7 percent last month compared with August, but rose 11 percent from the September 2011 pace, the National Association of Realtors said.
“Despite occasional month-to-month setbacks, we’re experiencing a genuine recovery,” said Lawrence Yun, the group’s chief economist.
Nationally, the median sale price was nearly $184,000, up 11.3 percent compared with September 2011, the NAR said, noting it was the seventh consecutive month of year-over-year increases in the median sale price.
Still, Corder said sale prices locally remain depressed and have yet to recover “to the level they should be.”