July is applets to be a good month in housing – but it wasn’t.
Housing prices have been relatively stable for most of the last 12 months nationally with Chicago faring a little worse– But even before the 27 percent July drop in sales, analysts were expecting prices to fall another 5 or 10 percent this winter.
What this means is that the winter drop is going to be more severe – and that buyers who have waited this long should consider the end of the fall is near.
July sales were down 27.2 percent and thats no small bean count– thats a dramatic national plunge! 27 percent off from June.
It was the bottom in ten years- the lowest existing-home sales, which include houses, condos, co-ops and town houses, since 1999! For home sales :single-family homes, it was the lowest rate since 1995!