Illinois Home Prices Rise as Sales Drop

Illinois home prices remained stable through the month of December as the state’s median sale price inched up 0.7 percent, the Illinois Association of Realtors reported Thursday.

In December, home sales activity dropped in what is traditionally the slowest month for the housing sector, the time when Illinois mortgage seekers are staying inside and hoping for better deals in the New Year.

According to the survey, the Illinois median sale price in December was $202,500, up from $201,000 a year earlier.

Total home sales, including single-family homes and condominiums, were down 19.1 percent in December to 10,811 homes sold, compared to 13,361 sales in December 2005.

For the year, reported home sales declined 8.9 percent. Almost every mortgage company in the state saw business drop.
In 2005, Illinois reported a total of 167,860 home sales, down from the record high of 184,199 total sales in 2005. The year-end Illinois median sale price was $203,900 in 2006, up 1.5 percent from $200,900 in 2005.

Until these figures fall again, there’s a good chance mortgage activity in the region will remain stagnant.