June Housing Stats Flat

Sales continue to slow as more real estate news was released yesterday confirming the predictions. Home buyers are reaping the benefits as prices continue to fall and market times continue to lengthen giving the savvy home buyer the edge when it comes to negotiating on a purchase.

Here is a full article written on Inman News:


Condo and single-family sales continued to slow last month in Chicago, and across Illinois and Ohio.

Home sales in Ohio and Illinois continued to fall in June from their year-ago levels, while prices eked out modest gains, according to Realtor associations in both states.

In Ohio, sales of new and existing homes last month dipped to 15,217, a 0.9 percent decrease from the 15,359 sales posted during the month last year, the Ohio Association of Realtors reported.

The average Ohio sales price of $169,925 is a 2.9 percent increase from last year's $165,151, according to the association.

In Illinois, total homes sales (which include single-family and condominiums) were down 8.2 percent to 18,779 homes sold in June, compared with 20,457 sales in June 2005, the Illinois Association of Realtors reported.

The Illinois median home sale price in June was $214,900, up 1.4 percent from $212,000 a year earlier. The median is a typical market price where half the homes sold for more, half sold for less.

Statewide, single-family home sales totaled 13,058 in June, down 8.9 percent from 14,334 single-family homes sold in June 2005. The median single-family home price in June was $213,400, off 0.7 percent from $215,000 a year earlier.

Some 5,721 condominium sales were reported across Illinois in June, down 6.6 percent from 6,123 condo sales in June 2005. The condo median price for June was $215,000, up 4.4 percent from $206,000 one year ago.

In the Chicagoland Primary Metropolitan Statistical Area (PMSA), single-family home sales totaled 7,709 in June, down 15.1 percent from 9,085 home sales in the same month last year. The median single-family home price for the Chicagoland PMSA was $289,000, up 3.6 percent from $279,000 in June 2005.

Condominium sales in the Chicagoland PMSA were off 7 percent in June to 5,464 units sold, and the condo median sales price increased 4.3 percent to $220,000. June 2005 condo sales for the Chicagoland PMSA totaled 5,874; the median price was $211,000.

Bad News Bonds: Good for Rates

Remember, when the bond news is bad that is good for our mortgage rates. Overnight real estate rates tumble for a 30-year fixed rate at 6.31%; 10-year Treasury yield at 5.06%

Now more than ever (because these rates won't stay down for a long time), it is a buyers market. I put together another buyer program yesterday where we sat down and set my clients real estate goals for her first condo purchase. My client was quite surprised how easy it was to make a purchase with the little money she (thought) she had available. She was especially amazed to learn how much she would save when we factored in the tax benefits of owning (versus renting).

Call me anytime to discuss your real estate goals.

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