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Home Sales Slip in Illinois, Chicago for 10th Straight Month
Chicago-area home sales, including both single-family and condominiums, were down 3.6% year over year, Illinois Realtors reported Friday. Statewide as well as in the nine-county Chicago region, home sales have posted Y-O-Y declines for 10 consecutive months.
The city of Chicago saw home sales decrease 5% Y-O-Y with 2,895 sales in May. The statewide decline was 1.3%, although 48 counties reported Y-O-Y increases.
Conversely, the median price of a home in the city of Chicago in May was up 3.3% from a year ago to $315,000. Sixty-one counties across Illinois posted Y-O-Y median price increases, including St. Clair County, up 10%; and Cook County, up 3.4%.
“While closed sales have fallen, there’s reason for both buyers and sellers to be encouraged,” said Tommy Choi, president of the Chicago Association of Realtors. “Prices are still affordable and interest rates are historically low, as the market remains competitive, but stable.”
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- ◦Economy
