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Chicago-Area Home Sales Post Double-Digit Drop

A year-over-year drop of nearly 11% in Chicago-area home sales led to a 3% fall in total home sales during the third quarter of 2018 when compared to the year-ago period, according to RE/MAX Northern Illinois. Sales for the quarter totaled 31,454 units.

“Based on our research, the September sales slowdown, with sales off 10.9% from the year-earlier total, seems primarily to be the result of two factors,” said Jeff LaGrange, VP of the RE/MAX Northern Illinois Region. “Housing costs have been rising in 2018. Mortgage rates are up nationally, and in the Chicago area we recently have seen some significant increases in property taxes.”

Therefore, he said, “although the median sales price of homes in the metro area increased just 12% over the last three years, housing affordability has declined this year.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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