There was a 4.3% year-over-year drop in home sales in Illinois in July as the competitive market saw prices rise amid tight supply
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There was a 4.3% year-over-year drop in home sales in Illinois in July as the competitive market saw prices rise amid tight supply.
Sales by members of Illinois Realtors totaled 15,677 statewide while inventory dropped 12.6% from a year earlier to 60,541, The median price was up 5.8% to $210,000.
"For more than two years, Illinois' housing market has seen decreases in the number of homes for sale on an annual basis," said Illinois REALTORS® President Doug Carpenter, ABR, AHWD, GRI, SFR of Mokena, managing broker of Coldwell Banker The Real Estate Group in Orland Hills. "This chronic lack of inventory is making the market challenging for all buyers, but particularly for those looking to purchase a more modestly-priced home."
Homes were also selling faster in July, at 47 days on market compared to 53 a year earlier.
"The concerns this month center on the continuing low inventory rates and the potential dampening of demand caused by real income growth failing to keep pace with rising house prices” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois. “Housing affordability is once again becoming a concern, especially for those seeking to enter the housing market.”
In the city of Chicago, sales were down 5.7% to 2,621 with the median price up 3.8% to $301,000.
Sales by members of Illinois Realtors totaled 15,677 statewide while inventory dropped 12.6% from a year earlier to 60,541, The median price was up 5.8% to $210,000.
"For more than two years, Illinois' housing market has seen decreases in the number of homes for sale on an annual basis," said Illinois REALTORS® President Doug Carpenter, ABR, AHWD, GRI, SFR of Mokena, managing broker of Coldwell Banker The Real Estate Group in Orland Hills. "This chronic lack of inventory is making the market challenging for all buyers, but particularly for those looking to purchase a more modestly-priced home."
Homes were also selling faster in July, at 47 days on market compared to 53 a year earlier.
"The concerns this month center on the continuing low inventory rates and the potential dampening of demand caused by real income growth failing to keep pace with rising house prices” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois. “Housing affordability is once again becoming a concern, especially for those seeking to enter the housing market.”
In the city of Chicago, sales were down 5.7% to 2,621 with the median price up 3.8% to $301,000.
