We Value Bloomington-Normal

Most areas of the state saw modest increases in the median sale price in the second quarter with slower sales compared to last year.

According to IAR's second quarter report, the Illinois median home sale price was $207,500, up 0.2 percent from $207,000 a year earlier. Total home sales (single-family homes and condos) totaled 43,080, down 16.1 percent from 51,332 home sales in the second quarter of 2006.

“Most counties reporting saw home sale prices stabilize or uptick year-over-year during this period, which is a good indicator that the housing market is healthy in Illinois. Much of the decline in sales can be attributed to the market’s transition back to a more normal pace as well as some uncertainty from potential buyers and sellers about the best time to enter the market,” said IAR President Robert Zoretich. “Home sales should improve later this year from pent-up demand, steady job growth, and improved consumer confidence in the housing market.”