CHICAGO MEDIAN SALES PRICES HIGHER BUT SALES VOLUME DROPS!
CHICAGO MEDIAN SALES PRICES HIGHER BUT SALES VOLUME DROPS!
STATEWIDE ILLINOIS MEDIAN SALES PRICE UP 0.7%
Statistics compiled by the Illinois Association of Realtors just released today indicate an increase of 4.2% in the median sales price of homes across the Chicago IL area over last year – to $262000 in the third quarter of this year from the median price of $252000 in the third quarter 2006.
The median price represents that level at which 50% of homes sold for a lower number and 50% sold for a higher price. It is considered a better market benchmark by some experts than the average sales price.
However total units sold in the Chicago Metro Area dropped 19.6% during the third quarter to 26258 single family homes and condos sold from 32672 homes sold in the third quarter 2006.
The Illinois Association of Realtors suggested now might be a good time to buy a home across the state as prices continue to be attractive. Data released by the U.S. Commerce Department indicates the sales of new single-family homes through its indicator of Housing Starts hit a 16-year low last month. This they feel indicates continuing housing sector softness.
Read this entire article including full statewide data and median sales price information in Cook and surrounding counties in today’s Chicago Tribune in an article written by staff reporter James P. Miller.
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DEAN’S TEAM LEADER
DEAN MOSS
