Existing home sales sped up a bit in August in Illinois. Year-to-date activity was up as well. But year-over-year, sales were down nearly 22%, according to the state's Realtor group.
Statewide, 8,390 single-family houses and condominiums changed hands in August. That's a 2.6% gain from the 8,181 sales in July. And so far this year, 73,598 existing units in the state have found new owners, a gain of 9.2% from the 63,390 sales during the first eight months of 2009.
But on a year-over-year basis, sales were down a significant 21.9%, from 10,740 units in August a year ago.
"The housing market is waging an epic battle to maintain some hard-earned stability gained in the first half of the year," said Mike Onorato, a Coal City broker who is president of the Illinois Association of Realtors.
"On one side we have the combination of record low mortgage interest rates and lower home prices making very compelling affordability conditions for buyers. On the other, we are entering a slower season in fall and winter when activity is typically soft."
The Illinois Realtor said pricing remains the number one issue for sellers. "To sell quickly the price must be competitive relative to homes for sale in the area," he said, "and this becomes even more of a challenge in markets where foreclosures and short sales dominate."
