Industry News

Midwest home sales tumble

Cooling impacts prices in November

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Home sales and prices in Ohio and Illinois fell further in November, as markets eased from their year-ago levels for the eighth straight month, according to Realtor associations in both states. In Ohio, sales of new and existing homes totaled 10,145 in November, down considerably from 11,518 sales in October and down 7.3 percent from 10,941 sales posted a year earlier, the Ohio Association of Realtors reported. The state's average home sales price of $147,618 is 4.4 percent below the year-ago average of $154,340. In Illinois, total sales of new and existing single-family homes and condos plummeted 17.6 percent in November to 11,281, compared with 13,691 sales in November 2005, the Illinois Association of Realtors reported. By contrast, there were 13,025 homes sold in October. At $199,000, the Illinois median home price dipped 0.5 percent from $200,000 a year ago. The median is a typical market price where half the homes sold for more, half sold for less. In the Chicagoland Prima...