Chicago home sales, prices tumble in first quarter

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.)

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