According to data from the Chicago Primary Metropolitan Statistical Area, total sales of single-family homes and condominiums fell by 26.9 percent in February in the Chicagoland region, one of the largest declines in recent months.
According to the report, a total of just 4,310 homes and condominiums were sold in the nine-county region in February, down from 5,894 units sold during the same month in 2007. The drop in sales was slightly less pronounced throughout Illinois. Sales during February posted a 22.9 percent decline from the same month in 2007 across the state.
Prices also showed signs of weakness in February. The median sales in the Chicagoland region rose by just 0.1 percent in February, up to $240,230, after falling 6.6 percent in January. However, Chicago fared slightly better than the rest of the country. According to the S&P/Case-Shiller Composite, prices fell by an average of 11.4 percent nationwide in January.
As the correction of prices continues around the region, buyers are starting to find great deals on Chicago Homes For Sale in many neighborhoods. Low mortgage rates are also making it more attractive for buyers to get back in the market and take advantage of low prices.
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