August 17, 2008 - Sales of new and re-sale single-family homes fell by more than 9 percent in July in the city of Chicago. Sales were off by more than 28 percent for the month when compared to the total seen in July 2006. According to data from the MLS, a total of 662 single-family homes were sold citywide in July, down from 730 homes sold during the same period last year.

The average sales price fell by more than 14 percent around the city in July. Homes sold for an average of $338,222 during the month, down from $393,989 in July 2007. The drop in prices was even more dramatic in neighborhoods south of downtown. The average sales price in these neighborhoods fell by just over 31 percent.

Buyers in neighborhoods north and west of downtown are also starting to see a lot more single-family homes priced under $250,000. A total of 74 homes were sold in that price range in July north and west of downtown, up from 33 units sold during the same month last year.

Falling prices for single-family homes in Chicago could have an adverse effect on prices of condominiums and lofts around the city. However, the market for Chicago Condos continued to show some resistance in July, with prices rising 5 percent.

Technorati Tags: Chicago Real Estate, Chicago Condos, Chicago Homes For Sale

This entry was posted on Sunday, August 17th, 2008 at 6:09 pm and is filed under Market Update(t) . You can skip to the end and leave a response. Pinging is currently not allowed.