Prices for single-family homes and condominiums fell at a record rate during the second quarter, according to the recently released Standard & Poor’s/Case-Shiller U.S National Home Price Index. The report, released on Tuesday, showed declines in prices in all 20 cities measured around the country.

According to the report, home prices fell nationwide by 15.4 percent from the same period last year. The index measures 20 of the largest metropolitan areas, including Chicago. The decline was the largest since the group began measuring home prices in the 20 cities in 2000. Another index measuring 10 major metropolitan areas showed a decline of 17 percent, also a record. This 10-city index has been measured for 21 years.

The decline in prices was felt the most in the usual areas: Miami, Phoenix, and Las Vegas. Prices in Las Vegas fell by 28.6 percent during the second quarter, while declines in Miami reached 28.3 percent. Charlotte posted the best results during the second quarter. Prices for homes in the area fell by 1 percent, the largest decline in nearly 20 years in the area.

However, falling prices are creating opportunities for buyers, even those looking for homes around the North Shore Chicago Real Estate market.

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Sales of condominiums and lofts fell for a third straight year during the second quarter. Sales reached their lowest point in more than 17 years in the North Shore neighborhood.

According to data from the Chicago Association of Realtors, a total of just 46 condominiums were sold in Glenview during the second quarter, down 30 percent from the same period last year.

The average sales price rose after falling sharply last year. The average sales price jumped by 25 percent to sit at $383,380, an all time high for the neighborhood. Last year the average sales price fell to its lowest point since 2005, reaching $306,992. However, the rise in the average sales price was caused by high demand for the most expensive units in Glenview, rather than a wholesale increase in values of condominiums in the area.

If you’re planning on selling your condominium in Glenview, you’ll have to wait a lot longer than you may have expected. It now takes an average of 157 days to find a buyer, up from 120 days a year ago. This is the longest average turnover time in more than 17 years for the neighborhood. This could mean great deals on North Shore Chicago Condos in the area in the next few months.

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Construction of new single-family and multi-family units has slowed in most markets across the country. According to a new report from the U.S. Department of Housing and Urban Development, new construction permits issued in July were off by 18 percent from the previous month.

According to the report, a total of about 937,000 permits were issued during July across the nation. This is a more than 32 percent drop in permits for all new residential construction from the same month last year, and down from the nearly 1,140,000 new permits issued in June of this year.

The number of new homes completed during the month also fell dramatically in July. More than 11 percent fewer homes were completed in July than in the previous month, while the year-over-year activity fell by almost 30 percent.

The decline in activity in the market for single-family homes was much less dramatic. According to the government report, July permits issued for single-family homes were off just over 5 percent from the previous month.

The government is betting on the passage of the Housing and Economic Recovery Act to reenergize markets around the nation. First time buyers on the North Shore Chicago Real Estate market stand to benefit from a $7,500 tax credit from the federal government.

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