Existing-home sales in the Chicago area sunk 35.9 percent in October from a year ago, and median home prices continue to lose ground, according to data released Tuesday.
The Illinois Association of Realtors said 4,672 homes were sold in the nine-county Chicago area in October, down from 7,286 homes sold a year earlier. The median price of $177,000 was a 6.8 percent decline from a year earlier.
In Chicago, 1,217 homes were sold during the month, off 39.5 percent from a year earlier. At $183,000, the median sales price was 14.9 percent down from October 2009’s level.
“Tightened credit and an increase of distressed assets remain concerns for the city’s housing market,” said Mabel Guzman, president of the Chicago Association of Realtors.
Chicago condos took a significant hit during the month, with year-over-year sales falling 44.8 percent, to 659 units sold during the month at a median price of $250,000, down 4.9 percent. Meanwhile, the 558 single-family homes sold was down 31.9 percent from a year earlier and the median price of $135,000 was 8.8 percent below October 2009.
The IAR’s headline on the press release was pretty funny. They actually found a positive way to spin this news.
For the city of Chicago that’s a 16 year low. A big part of why the percentage drop is so high is that dumb tax credit that was in effect last year that really artificially goosed sales. That effect is going to be around through April. Anyway, 39% of October’s sales were distressed properties so the sales of “regular” properties was really down. The only peculiar thing is that contract volume is not down quite as much as closings so there must be a backlog of unclosed contracts building: http://www.chicagonow.com/blogs/chicago-real-estate-getting-real/2010/11/october-home-sales-chicago-real-estate-market-really-sucks.html
“Prices sunk”? Do you mean “sank”? Is English your second language?
Housing prices are still too high, and are still not a good bargain, no matter what the real estate agents say.