Thursday, September 24, 2009

Home sales drop in Chicago

Let's start with the Chicago Sun-Times:
Home sales in the city of Chicago were down 7.2 percent in August, with the median home price plunging 22.9 percent from a year ago, a realtors' group reported today.

The median home price in the city stood at $229,476 versus the year ago's $297,500, according to the Illinois Association of Realtors.
The Tribune notes that home sales are on the rise in the area, however:
Year-over-year sales of existing homes in the Chicago market rose in August for the second consecutive month, as a federal tax credit and low interest rates continued to drive first-time home buyers into the marketplace.

But the gain, while a positive sign, was only 1.3 percent and was limited to single-family homes. Condominium sales, particularly within the city of Chicago, continue to suffer mightily.
Crain's further notes:
In the nine-county Chicago region, 7,009 homes were sold August, up 1.3% from 6,917 sales in August 2008, the Realtors group said in a release Thursday. Before last month, when local sales rose 0.3%, the Chicago area hadn’t seen a year-over-year monthly increase since March 2006.
...
In the city itself, sales still fell, with 1,928 in August, down 7.2% from August 2008.
...
In the city, the median price was $229,476 in August, down 22.9% from last year.
Well, I suppose no one wants to buy a home in the city right now.

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