Chicago home sales up 50 percent, median price down almost 5 percent in March

April may be the cruelest month, but March wasn’t too bad for home sales around Chicago. (Actually, April could turn out to be all right itself, if people really are rushing out to take advantage of the federal tax credits.) The Illinois Association of Realtors announced a 49.7-percent spike in Chicago’s existing home sales year-over-year, a 45.4-percent increase in the metro area, and a 32.8-percent increase statewide.

It seems like the trend for months has been an increase in sales coupled with a decline in prices, and March didn’t buck that trend: the median price of a home in Chicago fell 4.6 percent, from $219,000 in March ’09 to $209,000 in March ’10.

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