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CHICAGO METRO AREA HOME SALES DIP 30% IN AUGUST!

RESALES IN ILLINOIS FALL 27%.  NATIONALLY, RESALES DROP 2.2%!

As prospects for a fast recovery in the Chicago and Illinois Real Estate Markets seem to dim in light of the historic financial turmoil on Wall Street, sales of existing homes here dropped once again during August, compared to year-ago figures.

The Chicago Metropolitan Area includes Cook County, in which the City of Chicago is located, plus the surrounding counties of Lake, DuPage, Will, Kane, McHenry, Grundy, and Kendall.  Local community types range from highly urban, in Chicago and several of the larger suburbs, to quite rural. 

In aggregate, home sales here, including both single-family detached homes and attached condominiums, fell 30.1% in August versus last year.  In August, 2008, 6,804 homes sold, compared to over 8,850 one year earlier.  The median sale price for Chicago Metro Area Homes - $251,250, down from $266,500 in August, 2007.  The drop in median price - 5.7%.

In the City of Chicago, the median price of a home fell 3.0%, to $295,750.

According to the Illinois Association of Realtors, 10,601 homes were sold across the state last month, compared to 14,562 during August, 2007.  The August sales figures were down 4.6% from July, 2008 numbers.

The median home sale price across IL fell 7.1% in August, to $195,000, versus $210,000 a year ago.The median represents the price level at which 50% of home sales were above that number, 50% below.

According to Geoffrey Hewings, Director of the University of Illinois Regional Economics Applications Library, more moderate declines in median home prices can be expected during September through November of this year.  He predicts a 3 to 5 percent median price decline in the Chicago Metro Area, and a 5 to 7 percent decline across the State of Illinois.

"Prospects for a rapid recovery of the housing market were significantly dampened by the turmoil in the financial markets," said Hewings.

"While the interventions by the federal government in the financial sector will help stem a more precipitous slide in the housing market, the longer-term of this market will now be increasingly dependent on the economy's (eventual) recovery."

Across the country, home resales dipped to a predicted annualized 4.91 Million annual rate, or a decrease of 2.2% over August, 2007.  The national median home price dropped 9.5% in August, to $203,100, versus $224,400 one year ago.  This slide, according to these National Association of Realtors statistics, is a one-month record.

See James P. Miller's story in today's Chicago Tribune for more info on the latest Chicago Metro Area and IL figures.  Here's a link to Jeff Bater's coverage of the national numbers in today's Wall Street Journal.

DEAN MOSS & DEAN'S TEAM CHICAGO

Posted: Wednesday, September 24, 2008 1:30 PM by Dean's Team

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