CHICAGO — The median price of a condo in the city was $293,500, up 12.9 percent from a year ago, while the median sale price of a single-family home rose 9.1 percent, to $180,000, a new report from the Illinois Association of Realtors says.
But the number of homes sold, defined as both single-family houses and condos, saw a 8.6 percent decline in the year-to-year comparison, with 2,082 sold in October of 2014 compared with 2,279 in October of 2013, according to the report.
Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory of the University of Illinois said, "The housing market appears to be pausing in its positive sales growth trends" which he described as "not unusual for this time of year."
In an analysis issued by the Realtors group, Hewings said "Prices continue to improve, and the forecasts suggest growth in the next three months."
In October, there were 9,881 homes in the city for sale, about the same as a year ago. Homes were on the market in Chicago an average of 51 days before being sold in October of this year, two days shorter than last October, the report said.
In the nine-county Chicago metropolitan area, home prices were up 5.7 percent to $185,000 in October of 2014. The number of homes sold was down 3.3 percent.
"Median home prices continue to be strong, and sales times are swift," Hugh Rider, president of the Chicago Association of Realtors and co-president of Realty & Mortgage Co. said. "Less competition from other buyers also is a great motivator to put your home on the market now."
For more neighborhood news, listen to DNAinfo Radio here:
