City home sales dive 16%; median price tumbles 13%

By Samantha Sleevi, Oct. 24, 2008

(Crain’s) — Home sales in Chicago plunged 16% in September, while sales in the nine-county area fell at a much slower rate, according to a report released Friday by the Illinois Assn. of Realtors.

In the city, a total of just 1,770 single-family homes and condominiums were sold in September, compared with 2,108 during the same month a year ago.

In the entire Chicago area, sales last month dropped 6.2%, to 6,371 homes, compared with September 2007.

Meanwhile, the median sale price for Chicago-area homes in September was $224,000, down 13% from $257,500 during the same month a year ago.

"If there was any good economic news in the last month, it would have to be the universal realization that the downturn in the economy has reached proportions that have many analysts suggesting that it is by far the worst since the Second World War," Geoffrey J. D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois at Urbana-Champaign, said in a news release announcing the sales figures.

Interest rates were little changed from a year ago. The area’s average rate for a 30-year, fixed-rate mortgage was 6.05%, compared with 6.41% during the year-ago month.

Statewide, home sales dropped 8.7% to 9,686 homes. But sales actually rose in 33 of the state’s 101 counties, including Kane (4.7%) and Kendall (5.1%).

Sales and price information is generated from a survey of Multiple Listing Service sales reported by 35 participating Illinois Realtor local boards and associations, according to the statement. The association defines the Chicago area Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties.

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Marie C. wrote:

Hmmm, taxes go up because our homes have been reassessed that they are worth more and yet, the price we get for selling our homes goes way down - what's wrong with this picture??? Even if you appeal - you are rejected. Cook County still wins no matter what.

10/24/2008 3:10:23 PM

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