News

Springfield Area Home Sales Up; Higher Mortgage Interest Rates to Thank?

Springfield Area Home Sales Up; Higher Mortgage Interest Rates to Thank?

Photo: Newsradio WTAX

A new homeowner who takes out a 30-year mortgage will likely pay $50 a month more now than he/she would have at this time last year.

Capital Area Association of Realtors President Steve Myers says that could be one reason home sales increased last month when compared to April 2013.

“As interest rates begin to tick up, it has a triggering effect on families and individuals that look for new homes,” Myers says.

National interest rates for a 30-year fixed rate mortgage last month were averaging 4.34 percent, compared to an average of 3.45 percent in April of last year.

April home sales in the Springfield area were up 3.8 percent when compared to April 2013, but are down overall for the year so far. Median home sale prices were also up last month when compared with 2013 — a total of 4.5 percent. The numbers for the year so far, however, are down 1.8 percent.

Myers says the numbers aren’t great for the year so far because of the harsh winter.

“There was pent up demand that’s now blooming in buying real estate, that started in April,” Myers says. “We look for it to continue into the summer.”

Recent Headlines

in Local

Crash Kills Girl, 17

police_lights

Springfield teen dies after Riverton crash

in Local

Madigan Files Pension Appeal

state_capitol_3

Attorney General Lisa Madigan has filed official notice with the Supreme Court that the state will appeal a ruling that Illinois' landmark pension overhaul is unconstitutional.

in Local

Chicago Couple Sues Aviation Company Over Crash

local_news_generic

A Chicago couple is suing the owner of a small cargo plane that crashed into their home.

in Local

$4.5 Million Headed To Illinois Food Banks; Springfield Included

foodbank

The state is giving nearly $4.5 million to eight food banks across Illinois for modernization.