Sales Down 20% and Prices Drop in the Chicago Area in August
Crain’s is reporting that the Illinois Association of Realtors said that Chicago area sales dropped 20.1% in August compared to August 2006.
- Sales in August 2007 were 9,736
- Sales in August 2006 were 12,192
Prices also dropped. According to the Case-Schiller index, the Chicago region fell 0.9% for the 12 months through July 2007.
Chicago was towards the bottom of the pack of the metro areas that saw price declines in the last 12 months. The leader was Detroit, with a 9.7% decline, and then Tampa with a 8.8% decline.
Inventory in the city of Chicago and the surrounding suburbs remains stubbornly high going into the historically slower fall selling season.