Local home sales show smallest drop since Sept.
(Crain's) — Chicago-area home sales fell only 8.5% in June compared with the same month in 2008, the smallest year-over-year decline in 10 months, according to the Illinois Assn. of Realtors.
| TRACKING THE DOWNTURN | |||
| Below is a monthly year-over-year comparison of home sales (single-family and condo) in the nine-county Chicago area. | |||
| Month | 2009 | 2008 | Change |
|---|---|---|---|
| January | 2,965 | 3,927 | -24.5% |
| February | 3,082 | 4,326 | -28.8% |
| March | 4,260 | 5,759 | -26.0% |
| April | 4,747 | 6,094 | -22.1% |
| May | 5,634 | 6,927 | -18.7% |
| June | 7,140 | 7,806 | -8.5% |
| Month | 2008 | 2007 | Change | January | 3,927 | 5,947 | -34.0% |
| February | 4,326 | 5,894 | -26.6% |
| March | 5,759 | 8,101 | -28.9% |
| April | 6,094 | 8,729 | -30.2% |
| May | 6,927 | 9,751 | -29.0% |
| June | 7,656 | 10,612 | -27.9% | July | 7,274 | 9,730 | -25.2% |
| August | 6,804 | 9,733 | -30.1% |
| September | 6,371 | 6,794 | -6.2% |
| October | 5,397 | 6,559 | -17.7% |
| November | 3,910 | 5,774 | -32.3% |
| December | 4,232 | 5,033 | -15.9% |
| Source: Illinois Assn. of Realtors | |||
"Notably, the pendulum has swung from condo to single-family home sales, which have rebounded to 2008 levels. In fact, in the (nine-county Chicago region), single-family home sales this past June were up 0.7% from a year ago and up 21.3% in the city of Chicago," Pat Callan, president of the association and owner of Realty Executives Premiere in Wheaton, said in a release Thursday.
Mr. Callan also said Realtors are urging buyers to get homes under contract by September to make sure they close in time to receive the $8,000 tax credit for first-time buyers.
In the Chicago area, 7,140 single-family homes and condominiums were sold in June, down 8.5% compared with 7,806 in June 2008, the association said.
The year-over-year decline was the lowest since a drop of 6.2% in September compared with September 2007.
June sales in the Chicago area jumped 25.8% over May, the Realtors association said, the fifth consecutive month local sales have risen, the Realtors group said.
In the city, June sales fell 13.1%, to 1,982 compared with 2,282 in June 2008. Sales rose 27.2% compared with last month.
The Chicago-area median price — where half the homes sold for more and half sold for less — was $210,000 in June, down 18% from $256,000 in June 2008 but up 5% from May, the Realtors' group said.
In the city, the median price fell 21.8% in June, to $242,275 compared with $309,945 in June 2008. The median price was up 7.7% from May.
"The trend in single-family home sales in the city reflects steady activity, but it is clear from the pricing we are seeing distressed property sales continuing to lead the market," David Hanna, president of the Chicago Assn. of Realtors, said in the release. "Too many roadblocks are still the issue for the buyers who are ready and willing to take advantage of low rates and abundant inventory. Housing cannot lead the economic recovery with the current constraints on the entire lending process in place."
Statewide sales fell 9.3% in June to 10,909 homes, compared with 12,024 in June 2008, the Realtors' group said. June statewide sales rose 20.8% compared with May.
The Realtors group's sales figures include new and existing homes. The nine-county Chicago Primary Metropolitan Statistical Area consists of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
