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.”
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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.
