Kreider also pointed out that a declining inventory doesn't necessarily mean fewer sales. “One example of that was in Kane County where August sales were up 2.5% although the inventory there declined 12.7% and represented less than a three-month supply of homes. In contrast, sales fell 2% in Chicago, but the inventory rose 3.4% from last August, and there was a 3.2-month supply of homes.”

MRED, the regional multiple listing service, collects the sales data used by RE/MAX. It covers detached and attached homes in the IL counties of Cook, DuPage, Kane, Kendall, Lake, McHenry and Will.

August sales were lower in five of the seven metro counties and in Chicago, with McHenry joining Kane in recording a modest increase. The median sales price advanced in five counties and Chicago, led by increases of 12.3% in Lake and 10.3% in Kane. Other gains were 4.7% in Cook, 1.9% in DuPage, 6.0% in Will and 4.1% in Chicago. The median was unchanged in McHenry and fell 2.7% in Kendall.

Average market time was less than 70 days in six counties and Chicago, with the 83-day average in Lake being the one exception. Kendall had the lowest overall average at just 49 days.

Sales of distressed properties, including foreclosures and short sales, continued to dwindle as a factor in the metro market, accounting for only 7.5% of all August sales compared to 12.2% a year earlier.

CHICAGO—The Chicago area's low inventory of single-family homes for sale shows no sign of change. A limited supply of property listings in August caused total sales fall 2.5% from August 2016 to 11,505 units, according to a study by RE/MAX. But the competition over that limited supply also pushed up the median sales price by 3.5% to $240,000.

The inventory of homes for sale was down 7.8% to 34,619 units, the company also found. And a good sign that the demand for new homes is running ahead of the supply has been the rapid pace of sales. Residences sold in August had been one the market for an average of just 66 days before selling, down from 76 days a year earlier. That matched July's average, the lowest market time for any month since RE/MAX began tracking it in 2005.

“The inventory situation doesn't appear to be improving yet,” says Jack Kreider, executive vice president and regional director of RE/MAX Northern Illinois. “As was the case in July, the August inventory decline was most pronounced among detached homes. Those listings dropped 8.7%, while listing of attached homes fell 5.1%.”

“Attached homes, whether condos or townhouses, are often a moderately priced alternative for those who want to buy but are frustrated by the limited supply of affordable listings in the detached market,” he adds.

Kreider also pointed out that a declining inventory doesn't necessarily mean fewer sales. “One example of that was in Kane County where August sales were up 2.5% although the inventory there declined 12.7% and represented less than a three-month supply of homes. In contrast, sales fell 2% in Chicago, but the inventory rose 3.4% from last August, and there was a 3.2-month supply of homes.”

MRED, the regional multiple listing service, collects the sales data used by RE/MAX. It covers detached and attached homes in the IL counties of Cook, DuPage, Kane, Kendall, Lake, McHenry and Will.

August sales were lower in five of the seven metro counties and in Chicago, with McHenry joining Kane in recording a modest increase. The median sales price advanced in five counties and Chicago, led by increases of 12.3% in Lake and 10.3% in Kane. Other gains were 4.7% in Cook, 1.9% in DuPage, 6.0% in Will and 4.1% in Chicago. The median was unchanged in McHenry and fell 2.7% in Kendall.

Average market time was less than 70 days in six counties and Chicago, with the 83-day average in Lake being the one exception. Kendall had the lowest overall average at just 49 days.

Sales of distressed properties, including foreclosures and short sales, continued to dwindle as a factor in the metro market, accounting for only 7.5% of all August sales compared to 12.2% a year earlier.