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Chicago Home Sales See Double-Digit Drop
Chicago-area home sales, including condominiums, posted double-digit declines in June, the Illinois Association of Realtors said Tuesday. It represented the 12th consecutive month of year-over-year drops for the city and nine-county region.
Across the region, June sales were down 11.6% from a year ago. The city of Chicago saw year-over-year home sales decrease 13.3%. In comparison, the statewide decline was 11.2% and the nationwide drop was 2.2%.
“Housing affordability is being discussed once again as a contributor to sales declines that are once again lower than those recorded last year for the same month,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois.
“Price increases in Chicago and Illinois last month were barely positive, and the increase in apartment rentals and declines in consumer sentiment indices suggest that many potential home buyers are sitting on the sidelines,” he added.
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- ◦Economy
