(Crain’s) — Chicago-area home sales continued to slide in November, falling roughly 34% from a year earlier, according to the Illinois Assn. of Realtors.
In the nine-county Chicago region, 4,518 single-family homes and condominiums were sold in November, down 34.3% compared to 6,878 in November 2009, the Realtors said in a release Wednesday.
In the city of Chicago, sales fell 38.5% last month, to 1,144 vs. 1,859 in November 2009. Year-to-date metro and city sales were relatively flat, compared to last year, the association said.
“November home sales reflect the consumers’ cautious mood about the economy and jobs combined with normal seasonal slowdown in activity and a sizable impact from the tax credit that ramped up home sales a year ago due to the original tax credit deadline of Nov. 30,” association President Sheryl Grider Whitehurst, development and operations coordinator for Peoria-based Traders Realty, said in the release.
For the first six months this year, Chicago-area sales rose each month compared with the same month in 2009. But local sales have fallen each of the past five months compared with the year-earlier period.
The Chicago area’s median price — at which half the homes sell for more and half for less — declined 6.9% to $175,000, compared to $188,000 in November 2009.
The median price in the city of Chicago dropped 4.2% to $206,000, compared to $215,000 in November 2009.
The sales figures include new and existing homes. The nine-county Chicago Area consists of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties.
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