Chicago Real Estate Sales Up, Prices Down

The Chicago real estate industry continued its trend as a buyer’s market last month, with year-over-year home sales rising and home prices falling.
According to the Illinois Association of REALTORS® latest report, home sales in the city of Chicago in October totaled 1,312; a 7.9 percent increase from the 1,216 homes sold during the same month last year.
Arrows Up and DownAt the same time, the median home sale price for October 2011 was $162,000; an 11.5 percent drop from the median price of $183,000 in October 2010.
In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), 5,778 homes sold last month, an increase of 23.7 percent from the October 2010 sales of 4,670 homes. The median price in October 2011 was $149,900 in the Chicago PMSA, down 15.3 percent compared to last October’s $177,000.
And, statewide, 8,536 homes sold in October, up 15.3 percent from 7,402 home sales in October 2010. The statewide median home price in October was $130,000, down 10.3 percent from $145,000 in October 2010.
“Foreclosure and short sale inventories are working though the market, and buyers in the market are favoring lower-priced homes with close to 70 percent of homes sold in October priced below $200,000 statewide,” said REALTOR® Loretta Alonzo, CRB, GRI, president of the Illinois Association of REALTORS®.
“The best prescription for the housing market is a robust economy that creates jobs and improves consumer confidence combined with removing over-reaching barriers to home financing that turn away some qualified buyers who want to make a move at this opportune time.”