Illinois home sales and prices were up in September, but the government shutdown may dampen those numbers in the coming months.
Sales were up 19.8 percent over last year, and median prices rose 12.9 percent. The market typically slows down until after the holidays, but a drop in consumer confidence after the shutdown could make it worse.
“What we’re going to try to do is not get carried away if we suddenly see some declines and say ‘Oh, this is the effect of the government shutdown,’” said Geoffrey Hewings, director of the Regional Economics Applications Laboratory of the University of Illinois.
Hewings said it’s expected that year-over-year sales and prices will be up, while October, November, and December numbers will be down compared to the summer months. If, however, the month-to-month declines are steeper than usual, Hewings says the shutdown may be the reason.
This September was the best September in terms of home sales since September 2006, with more than 13,000 homes sold.