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CHICAGO MEDIAN SALES PRICES HIGHER, BUT SALES VOLUME DROPS!

STATEWIDE, ILLINOIS MEDIAN SALES PRICE UP 0.7%

Statistics compiled by the Illinois Association of Realtors, just released today, indicate an increase of 4.2% in the median sales price of homes across the Chicago IL area over last year - to $262,000 in the third quarter of this year,  from the median price of $252,000 in the third quarter, 2006.

The median price represents that level at which 50% of homes sold for a lower number, and 50% sold for a higher price.  It is considered a better market benchmark, by some experts, than the average sales price.

However, total units sold in the Chicago Metro Area dropped 19.6% during the third quarter, to 26,258 single family homes and condos sold, from 32,672 homes sold in the third quarter 2006.

The Illinois Association of Realtors suggested now might be a good time to buy a home across the state, as prices continue to be attractive.  Data released by the U.S. Commerce Department indicates the sales of new single-family homes, through its indicator of Housing Starts, hit a 16-year low last month.  This, they feel, indicates continuing housing sector softness.

Read this entire article, including full statewide data and median sales price information in Cook and surrounding counties, in today's Chicago Tribune, in an article written by staff reporter James P. Miller.

ENJOY THE THANKSGIVING HOLIDAY!

DEAN'S TEAM LEADER,

DEAN MOSS

 

Posted: Tuesday, November 20, 2007 4:43 PM by Dean's Team

Comments

BlogChicagoHomes.com said:

THIRD QUARTER, 2006 - EXISTING HOME SALES FELL IN 46 STATES! As detailed in an article in today's

# November 21, 2007 9:06 PM
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