Illinois home prices hold steady, number of sold falls dramatically

Illinois median home prices held their own in the first quarter while sales were constrained by the ongoing credit crunch and a softening economy. According to IAR's first quarter report, home sales totaled 21,576, down 27.0 percent from 29,553 home sales in the first quarter of 2007. The first quarter statewide median home sale price was $187,500, down 4.3 percent from $196,000 a year earlier. “Extreme winter weather on top of shaky consumer confidence due to rising gas and food prices and the uncertain economy affected overall home sales activity statewide. REALTORS do anticipate a boost in activity as we enter the spring housing market from pent-up demand held over for so many months,” said IAR President Kay Wirth, in the release. “The fundamental elements of a solid housing market are in place with low interest rates and ample inventory of homes.”

You can see from Zillow's latest Home Value Report the breakdown by neighborhood of home value declines.  All of Chicago's Lakefront neighborhoods posted slight gains or held prices steady in the first quarter 2008 compared to 2007. 

You can also drill down into every neighborhood at the @properties Market Report which breaks down prices, appreciation and number of units sold by neighborhood and by unit size.