The National Association of Realtors reported today that existing home sales rose a modest 2.9% to a seasonally adjusted rate of 4.68 million units compared to the 4.55 million units sold in March. However, year-over-year comparisons continued their decline as April existing home sales were 3.5 percent below the 4.85 million-unit level in April 2008.
The high-level of foreclosures in the market are continuing to depress prices as the national median existing home price in April was $170,200, which is 15.4% below April 2008. Lawrence Yun, NAR chief economist reported that distressed properties accounted for 45 percent of all sales in April.
This is a perfect time to buy a home especially if you're a first-time Chicago real estate homebuyer. The government's $8,000 tax credit, historically low interest rates, and real estate broker rebates such as our Buyer Rebate Plan provide incredible incentives for qualified first-time homebuyers and for repeat buyers. Call our office today at 312-329-9596 or visit our Chicago discount realtor website for additional information.
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