CHICAGO—Homes across the state sold faster and for more money in July, but lower housing inventory drove year-over-year sales lower, according to a new report from Illinois REALTORS®. And now economists fear income growth in IL may not keep pace with escalating prices.
Available housing inventory totaled 60,541 homes for sale, a 12.6% decline from July 2016. Statewide home sales in July totaled 15,677, down 4.3% from 16,375 in July 2016. The statewide median price in July was $210,000, up 5.8% from July 2016, when the median price was $198,500.
“For more than two years, Illinois' housing market has seen decreases in the number of homes for sale on an annual basis,” says Doug Carpenter, president of the realtors' association and managing broker of Coldwell Banker The Real Estate Group in Orland Hills. “This chronic lack of inventory is making the market challenging for all buyers, but particularly for those looking to purchase a more modestly-priced home.”
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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.
