Industry News

Real estate slowdown deepens in Midwest

Year-over-year sales cool, price growth stabilizes

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Home sales in Ohio and Illinois continued to fall in June from their year-ago levels, while prices eked out modest gains, according to Realtor associations in both states. In Ohio, sales of new and existing homes last month dipped to 15,217, a 0.9 percent decrease from the 15,359 sales posted during the month last year, the Ohio Association of Realtors reported. The average Ohio sales price of $169,925 is a 2.9 percent increase from last year's $165,151, according to the association. In Illinois, total homes sales (which include single-family and condominiums) were down 8.2 percent to 18,779 homes sold in June, compared with 20,457 sales in June 2005, the Illinois Association of Realtors reported. The Illinois median home sale price in June was $214,900, up 1.4 percent from $212,000 a year earlier. The median is a typical market price where half the homes sold for more, half sold for less. Statewide, single-family home sales totaled 13,058 in June, down 8.9 percent from 14,334 single...