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Chicago’s Housing Sales Register Slower Growth
The latest data from both the Chicago Association of Realtors and S&P Dow Jones Indices indicate slowing growth in Chicago’s for-sale housing market. April saw 2,573 properties sell citywide, a 4.7% decrease from the year prior, while S&P Dow Jones’ Case-Shiller Indices show that Chicago’s year-over-year home price appreciation through March was at the lower end.
Home prices in the Chicago region appreciated by 1.8% year-over-year, according to S&P Dow Jones. Only four West Coast cities—Seattle, San Francisco, Los Angeles and San Diego —tracked lower gains.
The Chicago realtors’ group attributed the year-over-year decline in home sales partly to the weather. Other factors included low affordability, higher prices and inventory still recovering from record lows. Although the group expects a pickup as spring progresses, it says either greater spending power for buyers or a drop in sellers’ asking prices will be necessary for grand-scale sales increases.
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- ◦Economy
