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Median Condo Price in Chicago: $298,000, Report Says

 The Fed's recent interest rate hike may persuade more potential homebuyers to get off the fence before rates go up again.
The Fed's recent interest rate hike may persuade more potential homebuyers to get off the fence before rates go up again.
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CHICAGO — The median price of a condo in the city in February was $298,000, up 4.6 percent from February of last year, according to a new report by the state's Realtors group.

Single-family home prices were up 3.4 percent to $185,000, according to the Illinois Realtors.

The median price means half sold for more and half sold for less.

Trends of fewer homes on the market and quicker sales continued in Chicago. There were 10 percent fewer homes of all types for sale last month in the city versus February of 2016. Homes sold in 55 days compared with 59 days a year earlier.

Surveys showing healthy consumer confidence in the economy were cited in a statewide real estate assessment by University of Illinois professor Geoffrey J.D. Hewings. However, "the housing inventory continues to shrink, suggesting that while more optimistic, many home owners are not yet tempted enough to consider moving to a larger or more expensive home.”

Matt Silver, president of the Chicago Association of Realtors, noted the Federal Reserve's recent quarter-point hike in short-term interest rates.

"The recent announcement of a rate hike, plus the hot stock market and higher wages, heralds an increase in home prices and a rapid decline in market time in the months to come," Silver said.

February sales in Chicago and across the country slowed compared with sales in January, but some analysts considered that a blip in the overall trend.

"The limited inventory and risks of rising mortgage rates may actually cause the spring home-buying season to begin with a sprint this month," the Associated Press said. "Buyers may this year feel forced to act swiftly before even higher loan rates and prices make home ownership less affordable."