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By Mary Ellen Podmolik 9:26 a.m. CDT, May 10, 2011
Sales of existing homes in the nine-county Chicago-area fell 9.9 percent in the first-quarter from their pace a year ago, to 12,937 homes sold, while the first-quarter median price of $155,000 was down 11.7 percent from the first three months of 2010, the Illinois Association of Realtors said Tuesday.
The absence of a federal homebuyer stimulus and higher interest rates than in late 2010 meant an almost double-digit decline in Chicago-area existing home sales during the first quarter, according to data.
On a quarterly basis, all counties recorded a decrease in the number of homes sold. Only Will County had some good news, seeing a rise in the median price of 3.1 percent. (The median price is the point at which half the homes are sold for more and half are sold for less.)
via Chicago home sales, prices tumble in first quarter – Chicago Breaking Business.
