Sales of condos drop nationwide in October
Thursday, November 29th, 2007A recent report from the National Association of Realtors tried to calm nerves around the industry as market conditions deteriorate in cities all over the country.
According to the report, sales of existing condos fell by 20.2 percent from levels seen during October of last year. The median price was up nearly 5 percent from last year, and now stands at $223,500.
Sales of existing single family homes around the country were also down in October. According to the N.A.R. report, home sales were down 20.8 percent from last year, with the median price falling 6.3 percent.
The West was the hardest hit by this drop in demand. Sales were down 33 percent around the region during October.
The South saw a decline of 19.4 percent from the same period last year. Prices dropped by 6.7 percent.
Sales of existing single-family homes were down by 16.9 percent in the Midwest, whil the median price dropped by 1.6 percent.
Buyers in the Chicagoland region could start to see incredible deals on Chicago Real Estate. Many areas have already seen a drop in prices, with more bargains on the way. Stay up to date with the latest news out of the Chicago real estate market and find an excellent deal on a home or condo.
Technorati Tags: Chicago Real Estate, Single Family Home Sales, Chicago Homes For Sale, Chicago Condo News