City house prices declined for the fourth straight quarter to a median of $142,000 in Q2 2011, just over half the market’s peak of $275,000 in Q3 2007, reflecting the prevalence of distressed sales throughout the city. The median price of a condominium sold in the city inched upward to $216,500, a 3% increase over Q1.
These metrics and more will be reported in the upcoming Chicago Housing Quarterly.
- Though sales volume of single family homes increased over the previous quarter, it is still at its second-lowest level in years. Last quarter, 7,048 single family homes were sold, compared to over 10,000 per quarter in 2007 and even 8,000 to 9,000 per quarter through most of the recession.
- Sales volume of condominiums, at 4,666 last quarter, is also up slightly in Q2. It is still well below the average of previous years, including the recession.
- Among 20 neighborhoods I track, 18 showed fewer sales in Q2 2011 than in the same period of 2010. Despite an overall increase, half of the 20 neighborhoods I track showed a quarter-over-quarter decline in sales volume.
Median prices are subject to many biases and don’t reflect housing values or price appreciation; region-wide housing indices are more appropriate for that. (A summary of two key indices is included in each Chicago Housing Quarterly.) Still, the new data show that distressed sales are dragging measures of center down, especially in detached housing.
Future posts will break down city trends by neighborhood.