Home sales in the Chicago area slowed sharply in November.
Sales of existing single-family homes and condominiums in Chicago fell 11.5 percent in November compared with a year earlier. At the same time, the median sale price rose 15 percent to $230,000, the Illinois Association of Realtors reported Monday afternoon.
“Sellers continue to see strong price gains as we move toward closing out 2014,” said Jim Kinney, president of the Illinois Association of Realtors. “The year has seen a significant rebound in the real estate market, and the numbers this month provide optimism that price gains will continue into the new year.”
Home sales were down in the metro area and statewide last month, too.
In the nine-county metro area, sales were off 8.8 percent from a year ago. The median sale price, meanwhile, rose 7.1 percent to $182,000. Statewide, sales were down 9.5 percent while the median price rose 6.9 percent to $155,000.