Chicago Region’s Home Sales Post Y-O-Y Gain in July
Home sales across the Chicago region rose 1.4% year over year in July after two months of annual declines, according to RE/MAX. The region’s median sales price gained +2% to $255,000, the highest median price for July since 2008.
“The inventory of homes for sale has expanded a bit, though so far that increase is limited to the attached-home market” that includes condominiums and co-ops, said Jeff LaGrange, VP of the RE/MAX Northern Illinois region. “At the same time, demand for affordable detached homes seems to be benefitting those areas where homes priced under $350,000 are more plentiful.”
July home sales rose in five counties, with Kendall gaining 9.2%, McHenry and Will each up 7.1%, Kane up 4.1% and Cook gaining 1.4%. Sales fell by 3.5% in DuPage County and 3.4% in Lake. The median sales price rose in six counties and Chicago, topped by a 10.1% increase in Kendall.
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