CHICAGO—Home buyers in the seven-county metro Chicago real estate market took a breather in July, but last month they made up for that slowdown. August home sales totaled 11,802, according to RE/MAX, up 8% from the 10,900 homes sold in August 2015. Sales had declined 7% in July.
The median sales price also increased, reaching $231,806, 5% higher than during the prior August. And the average time required for a home sold in August to find a buyer was 76 days, three days more than in July of this year but the lowest August figure since 2005 at the peak of the housing boom.
However, a relative shortage of inventory continues to be an issue for the Chicago region, and helps explain why home buyers move so quickly these days. “The inventory of homes for sale was 10% lower at the end of August than it had been a year earlier,” Jack Kreider, executive vice president and regional director of Elgin, IL-based RE/MAX Northern Illinois, tells GlobeSt.com.
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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.
