“We see a sliver of good news in the growing number of units which are being sold, reflective of the absorption of the distressed properties in the Chicago market. The problem, however, which remains, is inadequate access to financing, with restrictive lending guidelines limiting the number of viable potential buyers from purchasing a home. The guidelines for lending are still not rational and are keeping good buyers out of the marketplace.”
– David Hanna, president of the Chicago Association of Realtors, finding a silver lining in the bleak first-quarter sales report.
The Illinois Association of Realtors released data for home sales for the first financial quarter this morning, revealing that condo and single-family home sales in Chicago dropped 37 percent from the same period last year. The median price of a home in Chicago dropped 26.8 percent in the first quarter to $216,000, compared to the median price of $295,000 in the first quarter of 2008.