Industry News

Real estate slowdown deepens in Illinois

Sellers resort to 'competitive pricing' as inventory climbs

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Illinois' third-quarter sales of single-family homes and condos fell considerably from the same period last year, while the statewide median home price slipped, the Illinois Association of Realtors reported today. A total of 46,759 single-family homes and condos were sold in the third quarter, down 14.7 percent from the 54,804 units sold during third-quarter 2005. The median home-sale price dipped 0.5 percent during the period to $209,000, compared with $210,000 a year earlier. " ... Conditions are ideal for buyers as we head into the home stretch for 2006 with more choices and room to negotiate with current inventory levels," said Robert Zoretich, president of the Illinois Association of Realtors, in a statement. "Sellers are offering competitive pricing in line with current market conditions. We do expect a more balanced market between buyers and sellers by early spring, which will support future price gains." In the Chicagoland Primary Metropolitan Statistical Area (PMSA...