Chicago Home Sales Drop Sharply

CHICAGO—The National Association of  REALTORS® recently released data that show nationwide home sales were lower this year than last, and the significant slowdown has hit Illinois as well. The number of statewide home sales dipped last month compared to the same period last year, but in a familiar pattern median prices rose, according to data from the Illinois Association of REALTORS®. November marks the 27th consecutive month of annual price gains.

“Sellers continue to see strong price gains as we move toward closing out 2014,” says Jim Kinney, president of the Illinois Association of REALTORS® and vice president of luxury sales for Baird & Warner in Chicago. “The year has seen a significant rebound in the real estate market, and the numbers this month provide optimism that price gains will continue into the New Year.”