Chicago area existing home sales tumble 8.8% in February

March 22, 2011 10:31 am 

CHICAGO, March 22 — Sales of existing homes in the Chicago area of the United States declined 8.8 percent last month, an industry group said Monday.

According to the Illinois Association of Realtors, February sales of existing homes in the Chicago area totaled 3,769 in February, down 8.8 percent from February 2010 sales, and two percent from 3,844 in January 2011.

At the same time, the median price in February was 152,500 dollars in the Chicago region, down 7.6 percent from 165,000 dollars in February 2010.

In the city of Chicago, February home sales rose 2.1 percent from the previous month, but were down 13.8 percent to 1,056, from 1,225 homes sold in February 2010.

The city of Chicago median price in February 2011 totaled 177, 500 dollars, up 0.6 percent from February 2010;

Sheryl Grider Whitehurst, president of the Illinois Association of REALTORS said in a press release "We are seeing some improvements in the single family market in particular in terms of median prices trending higher and back to more sustainable pre-boom levels."

"Another positive sign is more than half of Illinois counties reported median price increases or no change in February although markets permeated by distressed properties continue to be affected. The predominance of sales in lower priced tiers of the market also is reflected in the median price," Whitehurst added.

The National Association of Realtors said Monday that nationwide sales fell 9.6 percent month over month to an annual rate of 4.88 million units, snapping three straight months of gains. The report was worse than economists had expected. (PNA/Xinhua)

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