Affordability marks 1Q11 Illinois housing report

Nearly 70 percent of homes sold in the first quarter in Illinois were at a price point below $200,000 according to the 1Q11 report released by the Illinois Association of REALTORS® today. The chart below prepared by economists from the University of Illinois Regional Economics Applications Laboratory (REAL forecast) gives the full picture.

This predominance in lower-priced home sales affects the median price for the period, a trend seen nationwide according to the National Association of REALTORS® report also issued today. NAR cited distressed homes, typically sold at a discount of about 20 percent, accounted for 39 percent of first quarter sales, up from 36 percent last year at this time.

Mortgage interest rates remain below 5 percent and buyer market conditions continue. A recent Washington Post column points to the affordability factor specifically for young buyers entering the market.

 

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About Ann Londrigan

Ann Londrigan is Director of Association Outreach and Marketing for the Illinois Association of REALTORS®. She is responsible for increasing member engagement in and awareness for IAR Governmental Affairs and the RVOICE program as well as increasing participation in the REALTORS® Political Action Committee. She is responsible for overall marketing plans for IAR member benefits, educational products and events and is the content manager for IAR’s Facebook page and LinkedIn discussion group. She manages the IAR Welcome Center, serves as staff liaison to the University of Illinois Regional Economics Applications Laboratory, and coordinates the IAR housing stats program.

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