Chicago Tribune, Oct 20, 2011
Sales of existing single-family homes and condominiums in the Chicago area posted another expected year-over-year sales gain in September but sales of distressed homes continued to drag down prices, according to new data released Thursday.
Home sales in the nine-county Chicago area rose 13.3 percent in September, to 6,035 properties sold, while the median price of $160,000 was an 8.6 percent decline from the $175,000 recorded a year ago.
All counties except DeKalb County enjoyed sales volume gains during the month that ranged from 2 percent in Lake County to almost 40 percent in McHenry County. Likewise, all counties had lower median prices during the month. While the price decline was a relatively small 5.3 percent in Cook County, September's median price declined 20 percent in Kane County.
Within the city of Chicago, sales of all properties rose 6.8 percent last month, to 1,498 homes sold. The median price posted a 5.6 percent increase, to $190,000 in September. Condos sales rose 6.5 percent, to 855 units sold, but the median price slipped 2.1 percent to $235,000.
Loretta Alonzo, president of the Illinois Association of Realtors, tempered any enthusiasm about the sales gain.
"The slow economy and job recovery are severe drags on the market, plus many able buyers are hitting roadblocks on financing a home purchase due to the overcorrection in mortgage underwriting requirements," she said in a release. "The fact that (Federal Housing Administration) home loan limits lowered on Oct. 1 for Chicago area counties and several downstate counties is another blow for would-be buyers."
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