Chicago home sales drop 28% in June
Report cites low consumer confidence and troubled economy
The Loop, Chicago, Ill. —
Sales and median prices for existing homes in Chicago and the state dropped in June as the real estate market remained strained by low consumer confidence and a troubled economy.
In the nine-county Chicago market, total home sales dropped 27.9 percent to 7,656 units. The median home sale price for the Chicagoland area was $256,000 in June 2008, off 3.3 percent from $264,700 in June 2007.
In Cook County, median prices were off a slight 0.9 percent in June at $274,500 compared to $277,000 in June 2007.
Illinois home sales, which include single-family homes and condominiums, were down 27 from a year ago to 11,643 units, according to the Illinois Association of Realtors latest report.
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