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Existing home sales up 19% in Chicago area

August 18, 2011

Existing home sales in the nine-county Chicago area rose 19.2 percent in July from their year-ago pace, the Illinois Association of Realtors said Thursday.

Some 6,625 single-family detached homes and condos were sold during the month, at a median price of $182,500, a 5.4 percent decline over the $193,000 recorded in July 2010.

Within the city, the trade group said, sales totaled 1,655, compared with 1,588 in the year-ago period and the median price was $210,000.

During July, the monthly average commitment rate for a 30-year, fixed-rate mortgage for the Chicago area was 4.59 percent, compared with 4.58 percent a year ago, according to the Federal Home Loan Mortgage Corp.

“The market, like the economy, continues to struggle even though interest rates and prices would appear to suggest favorable conditions for housing purchases,” said Geoffrey J.D. Hewings, director of University of Illinois’ regional economics applications laboratory, said in a release.

Article here; Courtesy of Chicago Tribune

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