Here We Grow Again

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Fewer Chicago-area single-family homes and condos were sold in 2010 than in any year in the past decade. The numbers would have been worse if federal tax credits hadn’t bolstered the local housing market during the first six months of the year.

Existing-home sales in the Chicago area last year totaled 69,010, a 0.5 percent decrease from 2009, the Illinois Association of Realtors said Thursday. That’s the lowest level for home sales since at least 2000, when the realty trade group began recording combined sales of already built single-family homes and condos.

Meanwhile, 2010 condo sales within the city of Chicago fell 2.5 percent, to 11,051 units. The median price was $267,900, down 4.3 percent.

Annual sales of single-family homes within the city and the median price were relatively flat, at 8,038 sales and a median price of $145,500.

For the month of December, 5,204 homes were sold in the Chicago area, the realty trade group said. That’s a 15.2 percent improvement from November but down 9.9 percent from the 5,779 homes sold in December 2009, during one of the federal government’s tax-break programs for first-time homebuyers. The median sales price last month was $167,850, compared with $182,000 in December 2009.

In a blog post Thursday, Zillow chief economist Stan Humphries said that on a national basis as of November there had been 53 consecutive months of declining home prices.

Read full article at chicagotribune.com

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