The mixed bag of sales news coming out this morning includes a tumble in sales of existing sales nationwide and a big jump in local sales year-over-year. On the national level, existing home sales dropped by almost 17 percent from November to December, placing “a large question mark over whether the recovery can be sustained when the extended tax credit expires,” economist Paul Dales told the AP. “It’s ‘exit stage left’ for first-time homebuyers,” said another analyst, Guy LeBas.
At the same time, the Illinois Association of Realtors reports that sales in the Chicago area jumped more than 33 percent from December 2008 to December 2009. The total number of sales in ’08 and ’09 were almost identical, but the median home price dropped by more than 18 percent in ’09.