Industry News

Midwest endures more real estate cooling

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Home sales across Ohio and Illinois dropped for the seventh straight month in October, further cutting into prices, according to Realtor associations in both states. In Ohio, sales of new and existing homes totaled 11,518 in October, down from 11,825 in September, and down 6.2 percent from the month's best-ever mark of 12,284 sales recorded last year, the Ohio Association of Realtors reported. At $146,817, the average sales price last month dropped from $151,983 in September, and was down 5.2 percent from $154,931 posted a year ago. In Illinois, October home sales -- including single-family and condominiums -- were down 9.7 percent to 13,025 homes sold, compared with 14,430 sales in October 2005, the Illinois Association of Realtors reported. There were 13,447 sales recorded in September. At $198,777, the median home price in Illinois sank from $199,900 in September, and fell 3.5 percent from $206,000 a year earlier. The median is a typical market price where half the homes sold for m...