Despite continued downturn in sales volume and prices, the Illinois Assocation of Realtors (IAR) it optimistic that new, lower interest rates will be an encouraging incentive to potential homebuyers, according to the association’s president, Pat Callan.
Same-month comparison for November show total home sales were down from 9,191 in 2007 to 6,076 in 2008, nearly 34 percent. Year-to-date sales through November were also down from 132,388 in 2007 to 100,435 in 2008, according to the IAR’s latest report.
The median home price in the Land of Lincoln was $165,000 in November, down 13.2 percent from $190,000 during the same month in November. The year-to-date median price through November was $186,000, down nearly 8 percent from $202,000 during the same time in 2007.

“The housing market was stalled in November due to a deepening recession which hit our economy with blunt force this fall. No one should be surprised at these figures given what happened with the financial markets in the past few months,” said Callan, broker-owner of Realty Executives Premiere in Wheaton, Illinois.“Looking ahead, we are encouraged by the Federal Reserve Board’s action last week to get our economy moving again with the announcement to lower the federal funds rate…With interest rates the best they have been in 50 years and peak inventory levels, there are unique buying opportunities.”
Homes sales in the Chicagoland Primary Metropolitan Statistical Area (PMSA), which includes Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry, and Will counties, were 3,910, down 32.3 percent from 5,774 in November, 2007. Year-to-date sales through November, 2008 for the Chicagoland PMSA were down 26.5 percent to 64,445 homes sold, compared to 87,624 homes sold in the same time in 2007.
The median sales price for the Chicagoland PMSA was $207,745, down 15.9 percent from $247,000 in November 2007.
The year-to-date median price through November was down 4.9 percent to $242,000 from $254,500 during the same time in November.
Sales and price data is generated from a survey of Multiple Listing Service sales reported by 35 participating Illinois Realtor local boards and associations.