CHICAGO—The number of statewide home sales dipped again last month, but median prices also rose again, according to data from the Illinois Association of REALTORS®. Lower inventory levels have made declining sales, at least on a year-over-year basis, and rising prices the norm for this year. September marks the 25th consecutive month of annual price gains.
“We are seeing a market that provides a lot of opportunity for sellers,” says Jim Kinney, president of the Illinois Association of REALTORS® and vice president of luxury sales for Baird & Warner in Chicago. “The time it takes to sell a house has dropped dramatically since the beginning of the year, and prices have consistently beaten previous-year levels through the first nine months of 2014.”
Statewide home sales, including condominiums, in September totaled 12,879 homes, down 4.4% from 13,469 in September 2013. And the statewide median price last month was $161,900, up 4.5% from September 2013 when it was $155,000. Sales also declined in the nine-county Chicago metro area. Home sales in September totaled 9,117, down 6.4% from last September 2013 when 9,737 homes were sold. And the median price in metro area was $195,000, up 5.4% from $185,000.
“As the housing market enters a normally slow season, the trend of the last few months of declining sales on a month-to-month basis is expected to continue, but with gains on a year-over-year basis for the remainder of 2014,” says Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory of the University of Illinois. “However, prices are still forecast to increase and inventories are slowly expanding.”
The city of Chicago saw an 8.7% year-over-year decrease in home sales last month with 2,187 sales, down from 2,395 in September 2013. And the median price rose to $250,000 versus $230,000 in September 2013, an annual increase of 8.7%.
“Chicago's fall housing market features bright spots for both buyers and sellers,” says Hugh Rider, president of the Chicago Association of REALTORS® and co-president of Realty & Mortgage Co. “Buyers can be encouraged by a rise in the number of homes available for sale this fall to give them a broader selection. Sellers also continue to be in a strong position with median sales prices posting year-over-year gains and homes selling more quickly.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
