Saturday, May 24, 2008

Chicago still ray of light in gloomy Real Estate Market

The National Association of Realtors reported Friday that existing-home sales in April dropped by 1 percent, to a seasonally adjusted annual rate of 4.89 million units, matching the all-time low set in January. These figures are nationwide.

Locally, the Illinois Association of Realtors said Friday that sales of single-family homes and condominiums rose 8.5 percent in April over March but were down more than 27 percent from April 2007.

Prices are also still on the rise. In Chicago the median price of a home increased 3.4 percent, to $300,000, from a year ago. These prices are being driven by codominium sales, which make up 64% of home sales in Chicago.