Sales of existing homes in the Chicago metropolitan area sank 19.2 percent in April from the same month last year, and the median price fell 14.5 percent, the Illinois Association of Realtors said Thursday.
There were 5,710 existing homes sold, down from 7,070 sold a year earlier, when the market got a boost from a federal tax credit. The median price was $162,500, down from $190,000 in April 2010. Sales were up 7.3 percent from March, and the median price was 2.8 percent higher.
Statewide, sales dropped 21.8 percent last month from a year earlier to 8,526. The median price was down 12.2 percent at $136,066. But since March, sales rose 8.5 percent, and the median price increased 4.7 percent.
Nationally, home sales fell 12.9 percent in April from a year earlier to 5.05 million. The median sales price fell 5 percent to $163,700, but rose 2.4 percent from March. Sales dipped 0.8 percent from March.
“The median prices for May, June and July are expected to be higher than April in both Chicago and Illinois,” he said in a statement.
In the city of Chicago, sales plummeted 26.2 percent last month from April 2010 to 1,464. The median price fell 8.7 percent to $205,500. Sales climbed 1 percent from March, and the median price rose 7.6 percent.
“Promising signs continue in both the housing market and in the economy. Our sales forecast shows that the housing sales volume will continue to increase for the next two months with a monthly growth of 11 to 16 percent for Illinois and a monthly growth of 8 to 17 percent for Chicago.”
Hewings expects the market to reach its 2011 peak in June.
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