CHICAGO—The number of statewide home sales declined last month when compared to November 2014, according to new data from the Illinois Association of REALTORS®. But the realtors also found positive signs, including a decline in the time it took to sell a home and a significant boost in the year-over-year median price, the 39th consecutive month with such an increase.
"That shows there is a strong appetite out there," Dan Wagner, president of the Chicago Association of REALTORS® and senior vice president for government relations for The Inland Real Estate Group, tells GlobeSt.com. "Last November, houses were on the market for an average of 74 days, and now it is down to just 67."
Statewide home sales in November 2015 totaled 9,640 homes sold, down 3.5% from November 2014 when 9,989 homes sold. The statewide median price last month rose to $165,000, a 6.5% gain over last November's price of $154,900. But available housing inventory remained tight with 63,023 homes for sale, an 11.7% decline from November 2014 when there were 71,385 homes.
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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.
