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Chicago Home Sales Drop Y-O-Y as Metro Area Inches Up
Home sales in Chicago posted a 5.3% year-over-year decline in July, the Illinois Association of Realtors reported. For the nine-county Chicago metro area, July sales were up 0.2% from a year ago, slightly below the statewide gain of 0.3%.
For Chicago proper, July represented the 11th month out of the past 12 to see an annual decline in sales. However, July’s Y-O-Y drop-off was less pronounced than June’s, which represented an 11.1% drop from a year earlier.
The decline was more pronounced for Chicago condominium sales, which saw a Y-O-Y decline of 7.5% to 1,626 units. Single-family home sales declined 1.5% Y-O-Y.
“The same trends we’ve been seeing in the market lately continue to persist,” said Tommy Choi, president of the Chicago Association of Realtors. “The market is in a stabilizing period. Days on the market remain low and prices are steady, so inventory is moving and demand is there.”
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- ◦Economy
- ◦Sale/Acquisition
