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Sales of single-family Chicago homes and condos plummeted in November compared to a year ago, but prices remained virtually unchanged.
The median price of homes sold last month was $245,000, compared with $243,862 in November of 2005, the Illinois Assn. of Realtors reported last week.
However, only 7,580 single-family Chicago homes and condos sold in the Chicago area in November, a drop of 21.9% from a year earlier.
The figures are for the Chicagoland Primary Metropolitan Statistical Area, composed of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry, and Will counties.
Illinois single-family home and condo sales fell 17.6% in November to 11,281 with a median price of $199,000, compared with last November’s median price of $200,000.
Overall sales in Illinois were down 16.3% to 156,992 through November of this year.
Robert Zoretich, president of the Illinois Assn. of Realtors, had this to say: “Sales figures in November reflect a return to more normal market conditions compared to the boom years as well as a seasonal slowdown as we begin the holiday months. What this market offers is an ideal opportunity for buyers to find the home they want and purchase it with a very affordable mortgage interest rate.”
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