While suburban sales tick up, home prices drop

The suburban counties around Chicago saw a slight uptick in home sales during the third quarter - but at a price. Homes prices plunged as much as 17%.

Still, the lower home prices, along with the stimulus incentives, helped boost the home sale numbers slightly higher statewide, compared to a year ago, according to a report released Monday by the Illinois Association of Realtors.

Lake County likely was hit the hardest with median home prices, dropping roughly 17 percent. But it apparently helped to sell those homes, showing 1,833 sales, up 2.9 percent compared to the same period a year ago.

Kane County, on the other hand, showed fewer home sales of 1,294, a 6.6 percent drop. It also had nearly 8 percent shaved off its median home prices, too.

Overall, Realtors were happy with the report because it showed some positive movement statewide, said Mike Onorato of Coal City, president of the Illinois Association of Realtors.

"There's certainly been some good news," Onorato said. "The impact of the first-time homebuyer's credit has certainly stimulated sales, but at the lower end of the market."

A lot of people have already taken advantage of up to $8,000 stimulus credit, he said, and more are likely since the bill has now been extended and expanded.

"This is happening at a very crucial time for our economy," Onorato said. "The economy looks like it's getting better, and considering the unemployment rate, this could help us get through this (recession.)"

The report also said statewide home sales, including single-family and condominiums, totaled 32,460, up 0.3 percent from 32,358 home sales in the third quarter of 2008. The third quarter median home sale price was $165,000, down 12.9 percent from $189,500 in the third quarter of 2008. The median is a typical market price where half the homes sold for more, half sold for less.

In the Chicago metro area, home sales totaled 21,298, up 2.4 percent from 20,802 home sales in the third quarter of 2008.

The Chicago area third-quarter median home sale price was $205,000, down 16.3 percent from $244,900 in the third quarter of 2008. This region includes Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties.