National Home Sales Steady: Local Home Values Decline

by Chicago Agent

Nationally, home sales are steady, while prices have generally been dwindling for the past 57 consecutive months. However, Chicago’s first-quarter data suggests that the nine-county area is facing loss in both sales and value.

The Illinois Association of Realtors found that the Chicago area had a 9.9 percent first-quarter reduction in sales from last year, with a current rate of 12,937 homes sold and a declining median price of $155,000, according to the Chicago Tribune.

Each county found decreased home sales, but Will County stood out, finding a 3.1 percent increase in their median price.

The Sun Times reported that while Chicago area sales are down from 2010, they had a 36.7 percent hike in comparison with first-quarter sales in 2009.

The city of Chicago experienced a 16.5 percent reduction in home sales, and a 8.2 percent decrease from last year’s first quarter median price; condo sales were down 16.7 percent with a 6.5 percent decrease in median price, according to the Chicago Tribune.

CoreLogic also reported that with a 10.5 percent reduction in home prices for March, Illinois was among Florida, Idaho, Arizona and Michigan in having the greatest year-over year depreciation.

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