chicago-condos & Chicago Real Estate & Chicago Homes pcherry on 23 Nov 2009 05:59 pm

October Chicago Home Sales Up

November 23, 2009 - According to the latest report from the Illinois Association of Realtors, Chicago area home sales were up 33.3% in October of this year, compared to last year. There were 7,286 Chicago condos and single-family homes sold in October 2009 compared to 5,467 in October of 2008. For just in-town Chicago, there was a 28.5% increase in October 2009 compared to the same month last year, with 2,012 single-family homes and condos sold. In October of 2008, there were 1,566 units sold in-town Chicago.

However, even with the increase in sales of Chicago real estate, the median price of homes in the Chicago area fell again. For October 2009 the median price was $190,000, which is a 15.6% drop from the median price in October 2008. For in-town Chicago, the median home price in October 2009 was $215,000, which is 18% lower than it was in October of 2008. This is said to be due to the high number of short sales and distressed properties that are being bought by buyers.

The extension of the $8,000 first-time homebuyer tax credit to qualified buyers who close by June 30, 2010 should help to keep the number of sales increasing. But according to a recent Crain’s article, even though FHA has decided to push back some of the new rules for condo mortgages it backs, it is still more difficult to get a loan for a condo than a single-family home. The article also pointed out that mortgage interest rates for a 30-year fixed loan ticked up to 5% in October 2009.

We’ll have to wait and see what the first quarter of next year brings for Chicago home sales. Even if the pace of sales continues to gradually increase, it will probably still be some time before we see the price of Condos In Chicago increase significantly.

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