Chicago prices ticked down 2.2 percent in November, with the typical home selling for $225,000. Sales plunged more than 11 percent compared to a year earlier.
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L.A. home prices rose just 3.5 percent in October from a year earlier to $553,500, marking the fourth consecutive month of slowing price appreciation. Sales in the city were flat, ending a four-month run of year-over-year growth.
San Francisco home prices rose more than 15 percent in October from a year ago, posting a median sale price of $1.18 million. Sales fell for the fourth-straight month, dropping nearly 19 percent.
Home prices in the District climbed a modest 2.1 percent while sales slumped 12 percent in October. Redfin agents say seasonality is one reason for October’s slow sales and modest price growth, but they also sense a subtle shift in the market that might be more than a seasonal chill.
Chicago home values increased slightly in October from a year earlier, with the typical home selling for $239,000. Sales were essentially flat, exhibiting a 0.4 percent increase. Like much of the country, Chicago is seeing a seasonal slowdown in sales and prices, as compared to previous months.
With gas prices low and consumer confidence at the highest reported level in seven years, there was a lot to be cheery about heading into the holiday home-buying season. However, positive consumer sentiment did not translate into more real estate transactions last month as the number of homes sold plunged 21 percent in November versus October and was down 5 percent from this time last year.