Throughout Illinois, Home Sales Drop in Third Quarter

Across the state, there have been recent cases of Illinois mortgage fraud and home loan controversy.

Meanwhile, other problems in the state include total home sales falling 14.7 percent in the third quarter as the state’s median sale price for the quarter remained virtually flat, the Illinois Association of Realtors reported Friday.

According to IAR’s report, total home sales, which include single-family homes and condominiums, fell in the third quarter to 46,759 homes sold compared to 54,804 homes sold in the period July through September of 2005.

Year-to-date home sales for January through September total 131,826, down 7.4 percent from 142,316 home sales in 2005. People are hesitant to apply for home mortgages in the state until prices stop.

For now, however, the Illinois median home sale price slipped just 0.5 percent during the quarter to $209,000 from $210,000 a year earlier.

Sales gains were reported in 38 of 99 Illinois counties reporting in the third quarter; 52 counties reported an increase in median sales price for the same period, including St. Clair County, where the median sale price climbed 3 percent to $134,900.