Sales of new homes downtown sink 46%

Sales of new homes downtown fell 46 percent during the first quarter, according to a story in Crain’s Chicago Business, which quoted a new report by Appraisal Research Counselors. Buyers signed contracts for 1,207 new homes downtown during the first quarter, a 46 percent drop from the 2,243 units they bought during the first quarter of 2006, according to the story.

It was the seventh straight quarter of falling sales, but the number of new units that began marketing downtown roughly matched the number of sales during the quarter. That stability is a sign that some developers have scaled back or postponed plans.

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