Like a veteran boxer going back for one last shot at the title only to find that he’s well past his prime, the nations housing market is getting pummeled from all sides.Beaten, bruised, and bloodied, this contender would have been “down for the count” long ago had it not been for the persistent prodding and pumping by his handlers who shriek for more from his corner.
For shame! For this fighter, now down on one knee, is in perfect position for his opponent to t-off that final blow that will land him face down on the canvas for a long nighty-night.
To that end, the Illinois Association of Realtors announced today that in September, area home sales and median prices took a significant nosedive.
Gone are the days of double digit appreciation fueled by speculative buying, loose lending and real estate insider’s penchant for fiction, replaced now by a decline that’s accelerating with every passing day.
As has been typical with this downturn, some in the real estate industry are having difficulty adjusting to the new reality.
“In a normal Illinois housing market we tend to see a slowdown as we enter fall and back-to-school time. This report compares sales to last year’s all-time high for home sales in the month of September. What we’re seeing is a market that is going through an adjustment that is long-anticipated after several record-breaking years. We still have a market with excellent opportunities for buyers and sellers who are informed about market conditions.”
- Robert Zoretich, President of the Illinois Association of Realtors
Take a look at today’s details for Illinois and particularly the Chicago metro market:
Illinois
- Median single family home price down 7.8% as compared to September 2005
- Median condo price up 2.5% as compared to September 2005
- Single family home sales down 20.4% as compared to September 2005
- Condo sales down 17.4% as compared to September 2005
Chicago
- Median single family home price down 0.4% as compared to September 2005
- Median condo price up 4.2% as compared to September 2005
- Single family home sales down 26.0% as compared to September 2005
- Condo sales down 18.7% as compared to September 2005
