Sales of single-family homes suffered a sharp decline during December, according to a recent report from the Illinois Association of Realtors. A total of 5,033 single-family homes were sold in the Chicago region during the month, down from 7,530 units sold during December 2006.
Sales of single-family homes across Illinois also suffered during the month. A total of 7,719 homes were sold during December, down 27.7 percent from the same period in 2006. The numbers for the year weren’t much better. A total of 137,133 homes were sold during 2007, down 16.9 percent from the previous year.
Buyers are facing increasing difficulty in qualifying for a loan as banks and lenders tighten requirements for new mortgages. A rash of foreclosures on subprime loans have caused losses estimated in the billions to major banks and lenders.
Prices are starting to show signs of weakness in Illinois. The median sales price for units sold throughout the state was down 0.5 percent from a year ago. Chicago saw an increase of 2.4 percent in the median sales price during 2007.
Buyers may start to see great deals on Chicago Homes For Sale if demand continues to drop across the region.
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