Sales of single-family homes fell sharply during the second quarter across the city. Prices were also down in almost every neighborhood during the quarter.Â
According to data from the MLS, a total of 1,748 single-family homes were sold during the second quarter, down from 2,340 homes sold during the same period last year. This represents a 25 percent drop in sales in just one year. Sales were down sharply in the higher priced neighborhoods north and west of downtown. Just 794 homes were sold during the quarter, down from 1,148 homes sold last year.Â
Prices fell sharply during the second quarter. The average sales price fell by nearly 19 percent from the same period last year. Prices for the most expensive units on the north side of Chicago were also down. The average sales price in the north area of the MLS fell to $499,441 from $569,689. For the entire city, the average sales price fell to $307,576.Â
Buyers could continue to see even lower prices due to the fact that many people are unable to qualify for a new mortgage under tighter conditions from banks and lenders, leading to lower demand for homes around the city. Keep an eye out for Chicago Homes For Sale.Â
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