Illinois Reports Strong March Home Sales Statistics

The ""Illinois Association of Realtors (IAR)"":http://www.illinoisrealtor.org/ has released March data that shows the strongest performance for home sales in the state since 2007.

[IMAGE]

In addition to the rise in homes sold during the month, the IAR also reported that median pricing in the state received a lift, breaking 20 months of price declines.

Sales of single-family homes and condominiums rose 21.1 percent year-over-year in March, with a total of 9,575 properties sold. The total represents a solid uptick over numbers from March 2011, during which 7,904 homes were sold.

Year-over-year, median home prices in Illinois stayed static at $130,000. The findings from March mark the first time in nearly two years that the median price didn't display a decrease on a year-over-year basis.

""There's no doubt that these are strong numbers to open the spring selling season,"" said Loretta Alonzo, CRB, GRI, president of the IAR and broker/owner of ""Century 21 Alonzo & Associates"":www.century21alonzo.com/ in La Grange Park. ""To see such good sales numbers, coupled with a measure of price stability is encouraging news no matter what side of a real estate transaction you happen to be on.""

Alonzo cited a drop in foreclosures and continued low interest rates for mortgages as the chief catalysts behind the positive statistics seen in March. The monthly average commitment rate for a 30-year, fixed-rate mortgage in the state's North Central region was 3.99 percent during March, down from 4.86 percent one year prior.

Over half of Illinois counties, 54 of 99, reported year-over-year home sales increases for March, and 67 or 99 counties recorded a rise in median pricing on a year-over-year basis. In the Chicago Primary Metropolitan Statistical Area, home sales were up 23.8 percent year-over-year, with 6,590 properties sold in March.

""Realtors are continuing to see an increase in the number of buyers looking to buy a home today, as rents are going up and interest rates are at an all-time low,"" said realtor Bob Floss, president of the ""Chicago Association of Realtors"":www.chicagorealtor.com/ and broker/owner of ""Bob Floss and Son Realty"":www.bobflossandson.com/. ""While we are still closely monitoring the impact of distressed properties now and those that may enter the market in the coming year, continued stabilization of the market will ultimately come from buyers looking to make a long-term investment in a community with the dollars they invest today.""