Chicago-area home sales fell almost 19% in May compared with last year but increased over the previous month for the fourth straight time, according to the Illinois Assn. of Realtors.
“We are seeing more activity in the housing market with increased listings, more activity at showings, a surge in interest from first-time buyers as well as some improvement in time on market,” Pat Callan, president of the association and owner of Realty Executives Premiere in Wheaton, said in a release Tuesday from the association.
Mr. Callan also says in the release that first-time buyers need to close by Nov. 30 under current guidelines to get the $8,000 tax credit for first-time buyers.
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In the city of Chicago, May sales fell 27.5%, to 1,537 compared with 2,119 in April 2008. Sales rose 11.5% compared with April.
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In the city, the median price fell 29.5% in May, to $225,000 compared with $319,000 in May 2008.
Dispatches from Chicago's south side.
Tuesday, June 23, 2009
Chicago-area home sales down just 19% in May
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