chicago-condos & Chicago Real Estate pcherry on 26 Aug 2009 09:05 am

July New Home Sales Up More Than Expected

August 26, 2009 - According to the latest numbers crunched by the Commerce Department, new home sales increased by 9.6% in July of this year. The national seasonally adjusted rate for July was 433,000 units, which is much better than the 395,000 units sold in June. That translates to a 30% increase from the sales number for this past January, was the best sales month since September ‘08 and is the fourth month in a row to post gains.

Many attribute the boost in sales to the $8,000 First Time Homebuyer Tax Credit and warn that Chicago real estate sales could potentially take another nose dive after December when the credit expires. There is no indication yet whether the government will extend the time limit in the credit, although pressure is mounting for them to do so.

A poll of area realtors produced some neighborhood by neighborhood numbers for Chicago condo sales in July. With a few exceptions, for most areas the sales numbers for July of ‘09 versus July of ‘08 aren’t that much different. In Lincoln Park there were 100 condos sold this July as opposed to 97 in July last year. Lakeview had a pretty wide gap with 111 condos sold this July and 177 last July. The Loop area also posted a bigger spread with 59 condos sold in July ‘09 and 89 sold in July ‘8. The Near North Side posted the biggest sales number for both years, with 221 condos sold in July ‘09 and 207 condos sold in July ‘08.

No matter what neighborhood you live in, there are still some good deals to be had on Condos In Chicago.

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