Illinois Home Inventory Declines Again

CHICAGO—Statewide home sales dipped last month, at least compared to November 2012, according to statistics just published by the Illinois Association of REALTORS®, and officials from the organization attribute the decline to a decline in available inventory. At the same time, median prices increased as a healthy number of potential buyers competed to purchase the shrinking number of for-sale homes.

“This is a classic case of supply and demand,” says Phil Chiles, president of the state association and broker-associate with The Real Estate Group in Springfield. “The low number of homes on the market is forcing consumers, who very much want to buy, to pay a bit more. What’s important to note is that there’s still a lot of interest in purchasing a home despite the lower selection.”