The U.S. Census Bureau and U.S. Department of Housing and Urban Development released a report for sales of single family homes in September.
According to the report, sales of single family homes were 23.3 percent below the number of homes sold during September 2006. A total of 770,000 homes were sold in around the country during September of this year.
Numbers for the Midwest region weren’t much better. A total of 99,000 homes were sold across the Midwest during September, down 19.5 percent from the same period last year.
According to the report, the supply of homes on the market right now currently stands at 8.3 months at the current sales rate.
It’s no surprise from these numbers that the average sales price is coming down across the country. A home sold for an average $288,000 during September, down from $305,900 just a year earlier.
The market for Chicago Homes has also been affected by the downturn in sales. Less than 2,000 homes were sold citywide during the third quarter, according to the Chicago Association of Realtors. It’s the first time in 15 years that sales have dropped below 2,000 during the quarter.
Technorati Tags: Chicago Homes, Chicago Real Estate News, U.S. Census Home Report
