CHICAGO — Home sales in the city were down 8.7 percent last month compared to September of 2013, a report out Tuesday says.
The Illinois Association of Realtors reported that there were 2,178 sales in September of 2014 compared with 2,395 home sales in September of 2013.
The median price, however, rose to $250,000 last month versus $230,000 in September of last year, the report said. Homes in the city sold in September were on the market for 48 days, three days fewer than a year ago.
In terms of types of housing, condos in the city saw a 2.4 percent year-over-year increase in median sale price to $279,000, the association said. Median sale price for single family homes in Chicago was $195,000, up 11.4 percent.
In total sales, condo sales dropped by 6.7 percent while single family homes were down by 11.7 percent in a year-to-year comparison.
In the nine-county Chicago metropolitian area, home sales month-to-month were down 6.4 percent while the median sale price, $195,000 was up 5.4 percent from September of 2013.
Geoffrey J.D. Ewings, director of the regional economics applications laboratory of the University of Illinois, said in the statement issued by the Realtors association that "modest increases" in median prices in the state "are anticipated to continue."
The decrease in sales can be attributed to the decline in foreclosure sales and that regular sales are "almost at last year's level," Ewings said.
