Positive housing market momentum carried into September with home sales and median prices experiencing healthy year-over-year gains as Illinois headed into the fall market, according to the Illinois Association of REALTORS®.
Statewide home sales (including single-family homes and condominiums) in September 2015 totaled 13,794 homes sold, up 5.6 percent from September 2014 when 13,058 homes sold.
The statewide median price in September 2015 rose to $172,000, a 6.2 percent gain over September 2014’s statewide median price of $162,000. The median is a typical market price where half the homes sold for more and half sold for less.
The fall housing market has shown little sign that there’s any significant weakening in demand. This month’s numbers were quite strong, and indeed were the best sales numbers for September in a decade.
The time it took to sell a home in September averaged 64 days statewide, down from 69 days a year ago. Available housing inventory remained tight with 70,547 homes for sale, a 10 percent decline from September 2014 when there were 78,373 homes.
The median price in September in the Chicago PMSA was $207,570, up 6.4 percent from $195,000 in September 2014.
“The annual pattern of home sales continues with modest annual gains but negative month-over-month growth rates,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “The dampening effect of less-than-expected job growth has not yet affected the housing market and housing prices continue to climb modestly. At the state level, the median price index, adjusted for inflation, is 91 percent of the 2008 peak; for Chicago, the comparable figure is 86 percent.”