Home Prices and Sales Drop in Chicago Area

Published On 2008-09-16
Home Prices and Sales Drop in Chicago Area

Home sales in Chicago and the Chicago metropolitan area fell 25.2 percent, and the median price of a home dropped 2.9percent in July 2008 compared with July of 2007 according to the Illinois Association of Realtors.

Other housing market facts in July 2008:

Chicago area home sale decline from 7,274 from 9,730

The median price fell to $254,900 from $262,500

City of Chicago home sales fell 20.9 percent to 2,167 from 2,738

City of Chicago median price decreased 0.3 percent. to $299,000 from $300,000

Nationally, July home sales were down 13 percent from a year ago, and prices were down 7.1 percent according to the National Association of Realtors. Surprisingly sales of existing home increased 3.1 percent from June as may buyers picked up the rising number of foreclosures, judicial auction and REO properties.

Nevertheless, the number of unsold properties hit an all-time high, foreclosures continue to rise, indicating the housing slump is far from over.

More Illinois and National Real Estate Numbers:

Currently there is a 11.2-month supply of homes on the market

Overall Illinois home sales dropped 25.2 percent in July from a year earlier, and prices fell nearly 5 percent

11,021 homes sold in Illinois last month, down from 14,738

The median price last month was $199,900, down 4.8 percent from $210,000.

Median prices rose in 38 of 100 Illinois counties.