Chicago Home Prices Dropped in 3rd Quarter From 2010

Chicago, Illinois Real EstateHome prices dropped in nearly three quarters of U.S. cities over the summer, including the Chicago-area, dragged down by a decline in buyer interest and a high number of foreclosures.

The National Association of Realtors says the median price for previously occupied homes fell in the July-September period from the same period last year in 111 out of 150 metropolitan areas tracked by the group.

In the Chicago-Naperville-Joliet metropolitan region, the median home price dropped to $187,700 from $200,000 a year ago, or a decline of 6.2%. Chicago-area home prices continue to stay well above the national median price of $169,500.

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