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

Illinois First State in the Nation to Lock Painkiller Bottles

med bottle lock

The one-year program will put the locks on painkillers that contain hydrocodone, also known as Vicodin or Norco.

in Local

The Du Quoin State Fair is on Now Through Labor Day

du quoin

Fair Manager Patrick Buchen says it's a money windfall for the area.

in Local

Pair of House Fires Look Like Arson but Appear to be Unrelated

fire truck

SPD and SFD continue to investigate the fires which occured within 90 minutes of each other.

in Local

Judge Considers Whether to Dismiss Illinois Head-Injury Suit

ihsa

Cook County Judge Leroy Martin Jr. heard oral arguments Friday.

in Local

Ex-Washington Mayor Don Gronewald Dead at 83

wtax 011015

Gronewald, mayor of the central Illinois town from 1989 to 2001, died Tuesday at OSF Saint Francis Medical Center in Peoria.