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

Snuff the Butt at UI Tailgate Parties

Fresh
cigarette butt

Enforcement still up in the air

in Local

Decatur Asian Carp Screen Back in Place

Fresh
Lake Decatur

Bad winter weather damaged screen

in Local

Medical Marijuana Applications Posted for Business

marijuana

Applications for medical marijuana begins September 2 for patients, September 8 for dispensaries.

in Local

Illinois Museum to Display 1916 Military Equipment

ihpa logo

Military equipment from 1916 to be on display starting September 6.

in Local

Reaction to IDNR’s Long-Awaited Fracking Rules Proposal

frack

One expert laments the length of time it took DNR to write the rules, which he says are too restrictive. Meanwhile, another expert says she'll have to see what the rules are before she calls them restrictive.