While Chicago home prices don’t seem to be affected much by the continuing price decreasing that we see throughought the country, it is still obvious that the housing market continues to be unfavorable to people looking to sell their property.
The median single-family house price in the United States fell to $220,800, which was down 2 percent from a year ago. Condo prices showed some resiliency: At $226,900, they rose 2 percent compared with 12 months ago.
The biggest decline in sales appears to be concentrated in areas that had significant levels of speculative investment, including Nevada, Florida and Arizona,” Lawrence Yun, NAR’s chief economist, said in a statement.
Most declines occurred either in once hot markets or Rust-Belt areas clobbered by economic setbacks and job losses, like Detroit and Cleveland.
Regionally, the best performing area was the Northeast, where the median home price rose 3.2 percent to $286,300. In the Midwest, the median price, at $170,800, was up 0.5 percent. Prices in the South fell 3.6 percent to $180,800, and in the West, they dropped 3.8 percent to $338,100. But the top performer house market is San Jose, Calif. where prices grew 9.4 percent over the past 12 months to $852,500.
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