Home sales in the Chicago area fell 17.7% in October, according to the Illinois Assn. of Realtors.
In the nine-county Chicago region, single-family and condominium sales totaled 5,397 in October, compared with 6,559 in October 2007, the Realtors’ group said in a release Monday.
In the city of Chicago, home sales fell 21.6% in October, to 1,535 from 1,959 in October 2007.
"The uncertainty about the disposition of the $700-billion bailout continues to generate downward pressure on the stock market and places recovery of the housing market to a more distant time in late 2009 or 2010," Geoffrey J. D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois, said in the release.
The median home sale price in the Chicago area was $225,000 in October, down 10% from $250,000 in the same period last year, the Realtors’ group said. The median price in the city of Chicago was $260,000 in October, down 9.1% compared with $285,900 in October 2007.
The median is the price where half the homes sold for more and half sold for less.
From Chicago Real Estate Daily
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