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Chicago-Area Home Sales Decline Y-O-Y as Prices Rise
June home sales in the nine-county Chicago metro area, including condominiums as well as single-family houses, were off 7.3% year over year, according to Illinois Realtors. Median pricing in the region rose to $263,000, up 4.4% from the year-ago period.
“Compared to the same month last year, prices continued to move upward but sales declined,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois. “However, there appears to be increasing sentiment that supply shortages are dampening market activity. The Fannie Mae Home Purchase Sentiment Index fell after reaching new highs, reflecting consumer uncertainty about income growth and the economy in light of potential trade wars.”
Statewide home sales in June totaled 18,310 homes sold, down 6.2% from 19,514 in June 2017, although some counties saw upticks. The statewide median price increase Y-O-Y was slightly higher at 4.5% than the Chicago region’s.
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- ◦Economy
