The sound of a Chicago housing bubble hissing?

What’s that we hear? Could it be the slow hiss of a deflating bubble rising in pitch, like the air from a balloon whose neck has been stretched by a sadistic 6-year-old? Sales of single-family homes in Chicagoland totaled 7,709 units in June, down more than 15 percent from the same month a year earlier, according to figures released today by the Illinois Association of Realtors.

The median single-family home price for the area was $289,000, up 3.6 percent from the June 2005 median of $279,000. Nationally, single-family home sales were down 8.2 percent in June, according to the National Association of Realtors.

Condo prices rose 4.3 percent in the Chicago metropolitan area, to $220,000 in June, but sales volume was down about 7 percent year-to-year, according to the IAR. Nationally, condo sales dropped almost 15 percent in June from the same month a year ago.

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