CHICAGO—Statewide home sales continued to slide at the tail end of summer, according to a newly-released report from Illinois REALTORS. And the lower seasonal inventory drove home prices higher, a pattern that has now become familiar.
Statewide home sales, including single-family homes and condominiums, in August 2017 totaled 16,196 homes sold, down 3.4% from 16,771 in August 2016. The statewide median price in August was $200,456, up 5.0% from August 2016, when the median price was $191,000.
“The summer selling season was marked by high demand and lower-than-ideal inventories,” says Illinois REALTORS president Doug Carpenter, managing broker of Coldwell Banker The Real Estate Group in Orland Hills. “The data show homes are selling at a lightning-fast pace, which speaks to how quickly consumers are prepared to move to get the home they want.”
The time it took to sell a home in August averaged 48 days, down from 55 days a year ago. Available housing inventory totaled 60,462 homes for sale, an 11.4% decline from August 2016 when there were 68,240 homes on the market.
In the nine-county Chicago metro area, sales in August 2017 totaled 11,660, down 3.9% from August 2016 sales of 12,139 homes. The median price in August 2017 was $239,900 in the Chicago metro, an increase of 4.3% from $230,000 in August 2016.
“The uncertainty in the Illinois economy over the last two years has contributed to a dampening of housing demand in contrast to the generally positive outlook in the rest of the country,” says Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “At the same time, declines in inventory are still exerting upward pressure on housing prices and thus reducing affordability.”
The city of Chicago saw a 4.5% year-over-year home sales decline in August 2017 with 2,716 sales, down from 2,844 in August 2016. The median price of a home in the city of Chicago in August 2017 was $285,000, up 5.2% compared to August 2016 when it was $271,000.
“With the improvement in the economy, people decided to enjoy their summer and the disposable income in their pockets,” says Matt Silver, president of the Chicago Association of REALTORS and partner at Urban Real Estate. “While this contributed to a slight slowdown in year-over-year sales, the market is on track and poised for a strong autumn; days on market continue to decline, and our year-to-date sales are higher than last year's. Energy and attention is shifting to the housing market and the opportunities therein.”
CHICAGO—Statewide home sales continued to slide at the tail end of summer, according to a newly-released report from Illinois REALTORS. And the lower seasonal inventory drove home prices higher, a pattern that has now become familiar.
Statewide home sales, including single-family homes and condominiums, in August 2017 totaled 16,196 homes sold, down 3.4% from 16,771 in August 2016. The statewide median price in August was $200,456, up 5.0% from August 2016, when the median price was $191,000.
“The summer selling season was marked by high demand and lower-than-ideal inventories,” says Illinois REALTORS president Doug Carpenter, managing broker of Coldwell Banker The Real Estate Group in
The time it took to sell a home in August averaged 48 days, down from 55 days a year ago. Available housing inventory totaled 60,462 homes for sale, an 11.4% decline from August 2016 when there were 68,240 homes on the market.
In the nine-county Chicago metro area, sales in August 2017 totaled 11,660, down 3.9% from August 2016 sales of 12,139 homes. The median price in August 2017 was $239,900 in the Chicago metro, an increase of 4.3% from $230,000 in August 2016.
“The uncertainty in the Illinois economy over the last two years has contributed to a dampening of housing demand in contrast to the generally positive outlook in the rest of the country,” says Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “At the same time, declines in inventory are still exerting upward pressure on housing prices and thus reducing affordability.”
The city of Chicago saw a 4.5% year-over-year home sales decline in August 2017 with 2,716 sales, down from 2,844 in August 2016. The median price of a home in the city of Chicago in August 2017 was $285,000, up 5.2% compared to August 2016 when it was $271,000.
“With the improvement in the economy, people decided to enjoy their summer and the disposable income in their pockets,” says Matt Silver, president of the Chicago Association of REALTORS and partner at Urban Real Estate. “While this contributed to a slight slowdown in year-over-year sales, the market is on track and poised for a strong autumn; days on market continue to decline, and our year-to-date sales are higher than last year's. Energy and attention is shifting to the housing market and the opportunities therein.”
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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.
