Thursday, January 24, 2008

Chicago home sales plunge in December

Well this story is probably one reason why aldermen on Chicago's City Council are bellyaching over the real-estate transfer tax...
Sales of existing homes in Illinois plunged in December, underscoring a dismal housing year that proved to be one of the worst in the U.S. in decades.
The Illinois Association of Realtors said Thursday sales of single-family homes and condominiums fell 27.7 percent last month to 7,719 compared to December 2006, while total 2007 sales were off 16.9 percent to 137,133.

In the Chicago metro area, home sales in December fell 33.2 percent from a year ago to 5,033. For the year, sales were down 20.5 percent.

The National Association of Realtors reported sales of single-family homes and condominiums dropped 22 percent last month from December 2006 to a seasonally adjusted annual rate of 4.89 million units. Sales were off 2.2 percent in December from November.

For the year, national sales of single-family homes were down by 12.8 percent, the biggest drop since a 17.7 percent plunge in 1982.

In Illinois, the median home sale price for the year was $204,000, down 0.5% from 2006, while prices in the Chicago metro area gained 2.4% to $254,000.

“While coastal markets fuel the national headlines with severe home price adjustments, the value of a home in Illinois as a family’s long-term investment remains strong with modest price declines reported in some markets,” said Kay Wirth, president of the Illinois Association of REALTORS, in a statement. In December, the median home price in Chicago was up 1.1 percent to $247,800.
You know what would be more poignant, if I had a picture of a for sale sign taken right in the neighborhood!

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