Chicago-area home sales fell more than 26% in the first quarter compared with the same period last year, a bigger year-over-year drop than in the fourth quarter, according to the Illinois Assn. of Realtors.
Sales in the city plunged 37% compared with the first quarter of 2008, the Realtors’ group said in a release Friday. The median sale prices in both the Chicago-area and the city also decreased significantly from the first three months of last year.
The Realtors’ group said tougher standards for getting mortgages “had a resounding effect” on first-quarter sales.
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In the city of Chicago, sales fell to 2,909 homes in the first quarter, compared with 4,617 in the same period last year.
Dispatches from Chicago's south side.
Friday, May 8, 2009
Chicago-area home sales fall 26.4% in first quarter
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