CHICAGO—A dwindling inventory of homes for sale continued to shape results in the metro Chicago real estate market during October, RE/MAX reports. Compared to the same month last year, 10% fewer homes were for sale in October, helping reduce total homes sales in the seven-county area by 5% to a total of 8,693 units.
However, with fewer homes available, buyers acted quickly and offered higher prices. The October median sales price for the metro area was $219,000, up 9.5% from last October's figure of $200,000. The average time a home sold in October spent on the market before finding a buyer fell to 83 days from 90 days one year earlier. That is the shortest average for October since 2005.
As reported in GlobeSt.com, several factors have caused the shortage. Housing prices are still off their pre-recession peaks, for example, making some potential sellers reluctant to jump into the market
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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.
