April Showers Illinois with Increased Home Sales

April 2012 Home Sales UpIllinois has long been a punching bag throughout the housing crisis. Finally, some good news has hit the Land of Lincoln. According to the Illinois Association of REALTORS®, April homes sales are up 15.7 percent from a year ago.
Across the state, home sales (including single-family homes and condos) totaled 9,961 in the month of April. This is a strong leap from a year ago when home sales totaled 8,606.
So just how good is this news? All things considered, it’s as if April brought showers of home sales with the month having the best performance since April 2010 when 10,897 homes were sold.
The cherry on top of this positive Chicagoland housing news is that the median price of $135,000 is a $5,000 jump from the month of March when median homes sales were at $130,000. Just like in your old dreaded statistics classes, the median is the middle point where half the homes sold for less and half sold for more. The increase in home prices marked the third straight month of median price increases in the state.
“The fact that median prices remain steady and sales continue to outpace previous-year levels is a positive sign for the housing market,” said Loretta Alonzo, CRB, GRI, president of the Illinois Association of REALTORS®. “Despite the month-to-month increases in median prices, it’s clear that there still are very attractive deals out there.”
For those who can get credit from lenders, the low home prices and histrionically low mortgage rates have made it a great buyers market.
According to the report by the Illinois Association of REALTORS®, in the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), home sales in April 2012 totaled 6,814 homes sold, up 19.3 percent from April 2011 sales of 5,710 homes. The median price in April 2012 was $160,000 in the Chicago PMSA, down 1.5 percent compared to last year in April when it was $162,500.
The forecast from the Illinois Association of REALTORS® expects median home prices by July, 2012 to be $143,198 in Illinois and $178,342  in the Chicago PMSA, resulting in a small decrease throughout the state.
While this bit of good news does not mean we have turned the corner in a much needed housing recovery, it seems to imply that we are at least at the corner.