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Chicago Residential Continues Run of Ebbing Sales, Rising Prices
Home sales in Chicago ebbed 10.4% in November from a year ago, marking the city’s 16th consecutive month of declines, according to data from Illinois Realtors. On both pricing and sales, Chicago, its metro area and the state of Illinois, experienced the same general trends: up for prices, down for sales, although a few metro areas saw sales gains.
“When you see an inventory decrease, like we did last month, you’ll likely also see a decline in closed sales, as well,” said Maurice Hampton, president of the Chicago Association of Realtors. Inventory statewide declined 6.7% in November.
Both the inventory decreases and sales decline “are accompanied by a decline in days on market and uptick in median sales price,” Hampton said. “Clearly, the demand is there, but inventory isn’t.”
Median prices for single-family homes and condominiums were up 3.2% year-over-year in Chicago, 3.4% across the metro area and 5.3% statewide.
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- ◦Economy
