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Home Sales Up for Metro Area, Down for Chicago
Chicago-area home sales, including single-family and condominiums, broadly reflected statewide gains in September with a 1% year-over-year increase, according to the Illinois Association of Realtors.
In Chicago itself, though, sales were down 4.2% from the year-ago period, while median prices rose more rapidly than in the nine-county metro area.
“While month-to-month sales continued the usual decline at this time of the year, on an annual basis, September sales were slightly higher than last year,” said Geoffrey J.D. Hewings at the University of Illinois.
“In Chicago, the year-over-year decline in sales of foreclosed properties by 10% overshadowed an almost 2% increase in regular sales,” Hewings added. “Consumer sentiment indices and the Fannie Mae Home Purchase Sentiment Index broadly reflected consumer uncertainty about the direction of the economy.”
For September, the median price was $240,000 in the metro area and $292,750 in Chicago, reflecting annual gains of 1.1 and 2.7%, respectively.
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- ◦Economy
