Chicago’s extended stretch of declining home sales reached its 16th month in November, according to data released this morning. In the nine-county metro area sales have fallen in 14 of the past 16 months.
At the same time, median home prices grew by more than 3 percent in both the city and the metro area.
In Chicago, 1,659 homes sold in November, according to data released by statewide professional group Illinois Realtors. That’s down 10.4 percent from November 2018.
It’s the fourth time during this stretch of sales declines when the monthly figure showed a double-digit drop from the previous year.
In the nine-county metro area, 7,578 homes sold in November, down 7.6 percent from the same time a year ago. The metro area has had only one double-digit drop during the sales slide, 15.1 percent in December 2018.
Sales declines in the Chicago area run counter to what’s going on nationally. Nationwide, home sales were up 2.7 percent in November from a year ago, according to data released separately this morning by the National Association of Realtors.
Year to date at the end of November, Chicago home sales totaled 24,246, down 6 percent from the same period in 2018. Metro-area sales totaled 100,234, down 6.5 percent.
Because fears of an impending recession have largely dissipated and interest rates have stayed low all year after inching upward in late 2018, it’s hard to blame Chicago’s droopy sales on factors that aren’t specific to this region. Local factors in buyers’ hesitance include high property taxes, the likelihood that they will go up more and uncertainty about the future fiscal health of the city and state.
The median price of a home sold in the city in November was $270,000, up 3.2 percent from the same time a year earlier. Although this is one of the strongest figures for the year, a trend in city home prices hasn’t yet emerged. They have been up, down and flat in various monthly reports.
The median price of a home sold in the nine-county metropolitan area in November was $240,000, up 3.4 percent from November 2018. There, too, there’s no clear trend: The figure was less than October’s price increase, 4.3 percent, and below some other recent months’ figures as well.
Nationwide, the median sale price of a home was up 5.4 percent from November 2018.
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December 19, 2019 at 10:58PM
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City home sales fall more than 10 percent - Crain's Chicago Business
"sales" - Google News
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