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Chicago Lags State in Home Sales Metrics
The Chicago area’s home sales, including condominiums, declined 6.6% year-over-year in August, in line with the statewide drop of 6.7%, according to Illinois Association of Realtors data. However, the statewide average for Y-O-Y price gains was noticeably higher at 7.0% compared to 3.9% for the nine-county metro area.
The city of Chicago saw a Y-O-Y decrease of 7.7% in home sales, with 2,543 sales in August, compared to 2,754 a year ago. The August median price of a home in Chicago was $289,900, up 3.5% from the August 2018 average of $280,000.
“While long-term consumer sentiment remains positive, the short-term outlook is cloudy,” said University of Illinois’ Geoffrey J.D. Hewings. “However, the Fannie Mae housing purchasing index remains strong in large part from expectations of declines in interest rates. Thus far, the impact on the Chicago and Illinois housing markets has been muted, with modest price increases expected to continue.”
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- ◦Economy
