Mirroring a national pattern, home sales activity in September continued to show signs of adjustment as the market transitions from several boom years. Year-to-date home sales (including single-family and condominiums) totaled 131,826 in 2006, down 7.4 percent from 142,319 homes sold during January through September of 2005.
September home sales were down 19.5 percent to 13,447 homes sold, compared to 16,700 sales in September 2005.
“In a normal Illinois housing market we tend to see a slowdown as we enter fall and back-to-school time. This report compares sales to last year’s all-time high for home sales in the month of September. What we’re seeing is a market that is going through an adjustment that is long-anticipated after several record-breaking years. We still have a market with excellent opportunities for buyers and sellers who are informed about market conditions,” said IAR President Robert Zoretich. Read more.