The trends seen in Chicago were mirrored by those in the nine-county metro area. Home sales in this region totaled 9,634 homes sold, down 4.6% from September 2016 sales of 10,095 homes. The median price was $230,000 in the Chicago metro area, an increase of 5.7% from $217,500 in September 2016.

“Housing inventory continues to dampen sales,” says Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “This problem is reflected in the significant increases in the sales prices of foreclosed properties, increasing by over 15% compared to 5% for regular sales.”

“Although the market has slowed somewhat from peak summer activity, it continues to push forward, with decreases in overall inventory and market time reflecting continued interest in investing in a home,” says Rebecca Thomson, president of the Chicago Association of REALTORS and vice president of agent development at @properties. “Moving into the colder months, pricing properties correctly will continue to be the key to capturing serious buyer attention, and quick decision making and flexibility will gain greater importance as inventory declines.”

CHICAGO—Median home prices increased across the state in September, but amid lower than normal housing inventory levels, sales dipped slightly as buyers snapped up available properties faster than ever, according to Illinois REALTORS.

Statewide sales in September totaled 13,657 homes sold, down 4.0% from 14,223 in September 2016. The median price was $192,500, up 6.9% from September 2016, when the median price was $180,000.

“Sellers are definitely reaping the benefits of a market which in many areas continues to be dogged by tight inventories,” says Matt Difanis, president, Illinois REALTORS, and co-owner of RE/MAX Realty Associates in Champaign. “Although the summer selling season is drawing to a close, interest on the part of many buyers does not seem to be waning as evidenced by the short time on average it is taking to complete a purchase.”

The time it took to sell a home in September averaged just 51 days, down from 58 days a year ago. Available housing inventory totaled 60,669 homes for sale, a 10.5% decline from September 2016 when there were 67,796 homes on the market.

The trends seen in Chicago were mirrored by those in the nine-county metro area. Home sales in this region totaled 9,634 homes sold, down 4.6% from September 2016 sales of 10,095 homes. The median price was $230,000 in the Chicago metro area, an increase of 5.7% from $217,500 in September 2016.

“Housing inventory continues to dampen sales,” says Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “This problem is reflected in the significant increases in the sales prices of foreclosed properties, increasing by over 15% compared to 5% for regular sales.”

“Although the market has slowed somewhat from peak summer activity, it continues to push forward, with decreases in overall inventory and market time reflecting continued interest in investing in a home,” says Rebecca Thomson, president of the Chicago Association of REALTORS and vice president of agent development at @properties. “Moving into the colder months, pricing properties correctly will continue to be the key to capturing serious buyer attention, and quick decision making and flexibility will gain greater importance as inventory declines.”