Home sales during the second quarter dropped by more than 20 percent during the second quarter.
A total of 13,937 homes were sold during the period, down from 17,995 during the second quarter of 2006, according to the Chicago Association of Realtors.
The drop is the third consecutive decline in sales of single family homes around Chicago. It is also the largest decline the area has seen yet.
Demand has been hurt by tightening requirements by banks and lenders for the subprime market in the Chicagoland region. Many buyers have been left out of the market.
Homeowners looking to sell their home are facing longer turnover times across the Chicagoland area. According to the C.A.R. report, the average turnover time for the region increased to 125 days during the second quarter.
This is an increase of 36 days over last year.
The average sales price for single family homes in the greater Chicago area continues to increase, despite the drop in demand around the region.
However, buyers should begin to see lower prices in the short term as the inventory of Chicago Homes languishing on the market increases. Buyers should aggressively negotiate for a price that reflects current market conditions.
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