chicago-condos & Chicago Real Estate pcherry on 29 Jul 2009 08:45 am

June Chicago Home Sales Down 13.1% From Last Year

July 29, 2009 - The Illinois Association of Realtors has released the home sales number for the month of June. For in town Chicago Condos and single-family homes, June sales were down 13.1% from June of 2008. Total sales for June 2009 were 1,982 units, compared with 2,282 units in June of last year. Despite being down from the same period last year, it was a 27.2% increase in sales from last month. May ‘08 sales totaled 1,158 units.

The median price of Chicago homes also increased by 7.7% in June ‘09 to $242,275. Last month the median price was $225,000. That was still considerably less (a 21.8% drop) than the $309,945 median price of Chicago homes in June of last year.

The month-over-month increase is still being attributed to single-family home sales which are being fueled by the abundance of foreclosures, short sales and incentives like the $8,000 first-time homebuyer tax credit. Because lenders have put in place so many restrictions on loans for condos in Chicago, in many cases it is easier for buyers to get financing for single-family homes.

But whether you are in the process of purchasing one of the many single-family Chicago homes for sale right now or Condos In Chicago, to qualify for the $8,000 tax credit you must close by December 1, 2009. That’s close, not sign a purchase agreement. Remember that it can sometimes take as much as couple of months even when everything goes smoothly, so sooner really is better in this instance. Don’t wait until the last minute.

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