CHICAGO—Homes sold faster and prices were stronger in July, but lower inventory continues to act as a drag on the market, according to Illinois REALTORS®. Statewide home sales in July 2016 totaled 16,108, down 6.8% from 17,291 in July 2015. The statewide median price in July was $199,000 up 4.7% from July 2015 when the median price was $190,000.
Available housing inventory totaled 65,998 homes for sale, a 14.4% decline from July 2015 when there were 77,069 homes on the market.
“What's clear is that home building activity is not keeping pace with demand right now,” Dan Wagner, president of the Chicago Association of REALTORS® and senior vice president for government relations at the Oak Brook, IL-based Inland Real Estate Group of Companies, Inc., tells Globe St.com. “It took years to get in this situation of inventory shortage, and it will likely take years to get out. The encouraging news is that home starts are increasing, and every new home that comes on the market helps alleviate some of the shortage.”
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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.
