CHICAGO-AREA HOME SALES UP AGAIN IN JULY, But Median Prices Still Falling!
CHICAGO METRO AREA SHOWS FIRST YEAR-OVER-YEAR UNIT SALES INCREASE SINCE 2006! CITY OF CHICAGO STILL FALTERS!
It's Sunday night in Chicago - hope you had a Great Weekend, and you had a chance to enjoy some of what the summer offers here!
There was good news, and not-so-good news, in the home sales statistics released by the Illinois and Chicago Associations of Realtors last Friday.
As reported by Chicago Tribune Reporter Mary Ellen Podmolik, throughout the Seven-County Chicago Metropolitan Area, unit sales of homes and condos increased 0.3% year-over-year in July, and 4% versus June. The Median Home Sale Price in the Chicago Area rose 1.7% in July, versus June, to $213,500. However, year-to-year, median home prices fell 16.3%, from the July, 2008 level of $255,000.
According to Geoffrey J.D. Hewings of the Regional Economics Applications Laboratory at the University of Illinois, sales of distressed properties - bank-owned foreclosures and short sales - fell to the 31-33% range in May and June, compared to nearly 50% of all properties sold earlier in 2009.
The high number of foreclosed and short sale properties may have lead to continued dismal numbers within the City of Chicago, however. In the city, units sold (condos and single-family homes) declined 0.4% in July versus June. Compared to July, 2008, unit sales fell 11.3%. The median sales price in the city actually rose in July versus June - 1.1%, to a $245,000 median. That median figure, however, is off 18.3% from July, 2008.
Across Cook County IL, the county which includes the City of Chicago, unit sales of homes and condos increased 2.5% between July, 2008 and July, 2009.
DEAN MOSS & DEAN'S TEAM CHICAGO
