Sales of single-family homes around the Chicago suburbs continued to slide during the third quarter, as troubles in the mortgage market and high price have led to lower demand.

According to the Chicago Association of Realtors, a total of 12,728 homes were sold during the third quarter, the lowest total for the quarter since 1991.  It is also a 22 percent drop from the same period last year.

The number of unsold homes sitting on the market is increasing, leading to a record average turnover time for the area.  If you’re selling your home in the suburbs, it will take you an average of 121 days to find a buyer, a 45 percent jump from last year.

Despite the dramatic drop in sales, prices continue to rise around the area.  The average sales price now sits at $338,902, a 4 percent increase from last year.

However, if sales continue to hit new lows, sellers may soon be forced to drop their asking price to attract more interest from buyers.  Keep on the lookout for great deals on homes around the greater Chicagoland region.

Technorati Tags: Chicago Homes For Sale, Chicago Real Estate, Chicago Market Update

This entry was posted on Tuesday, December 11th, 2007 at 2:21 pm and is filed under Real Estate Market Report(t) . You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.