Chicago-area home sales down just 19% in May

Chicago-area home sales fell almost 19% in May compared with last year but increased over the previous month for the fourth straight time, according to the Illinois Assn. of Realtors.

YEAR-OVER-YEAR DECLINES
Below is a monthly year-over-year comparison of home sales (single-family and condo) in the nine-county Chicago area.
Month	2009	2008	Change
January	2,965	3,927	-24.5%
February	3,082	4,326	-28.8%
March	4,260	5,759	-26%
April	4,747	6,094	-22.1%
May	4,747	6,927	-18.7%
	2008	2007
January	3,927	5,947	-34%
February	4,326	5,894	-26.6%
March	5,759	8,101	-28.9%
April	6,094	8,729	-30.2%
May	6,927	9,751	-29%
June	7,656	10,612	-27.9%
July	7,274	9,730	-25.2%
August	6,804	9,733	-30.1%
September	6,371	6,794	-6.2%
October	5,397	6,559	-17.7%
November	3,910	5,774	-32.3%
December	4,232	5,033	-15.9%
Source: Illinois Assn. of Realtors

“We are seeing more activity in the housing market with increased listings, more activity at showings, a surge in interest from first-time buyers as well as some improvement in time on market,” Pat Callan, president of the association and owner of Realty Executives Premiere in Wheaton, said in a release Tuesday from the association.

Mr. Callan also says in the release that first-time buyers need to close by Nov. 30 under current guidelines to get the $8,000 tax credit for first-time buyers.

The 18.7% year-over-year drop in Chicago-area sales in May was the smallest so far this year.

In the nine-county Chicago region, 5,634 single-family homes and condominiums were sold in May, compared with 4,747 in April 2008, the association said. May sales were up 18.7% compared with March.

In the city of Chicago, May sales fell 27.5%, to 1,537 compared with 2,119 in April 2008. Sales rose 11.5% compared with April.

The Chicago-area median price — where half the homes sold for more and half sold for less — was $200,000 in May, down 20.3% from $251,000 in May 2008, the Realtors’ group said.

In the city, the median price fell 29.5% in May, to $225,000 compared with $319,000 in May 2008.

“We’re encouraged to see the bank-owned inventory moving in the marketplace, indicating buyers are finding good bargains, especially in single-family homes and flats,” David Hanna, president of the Chicago Assn. of Realtors, said in the release. “The city of Chicago condominium sales numbers continue to reflect a critical need for governmental agencies to review the growing disparity in the ability to finance a condominium purchase in the city. This affordable housing will become unaffordable and unattainable to many qualified first-time homebuyers in the city of Chicago unless existing federal guidelines, which do not take into account nuances of the local market, are modified.”

Statewide sales fell 21.0% in May to 8,945 homes, compared with 11,326 in May 2008, the Realtors’ group said. May statewide sales rose 19.3% compared with April.

The Realtors group's sales figures include new and existing homes. The nine-county Chicago Primary Metropolitan Statistical Area consists of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.