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February Home Sales Decline, But Prices Move Up

A persistently low inventory of homes for sale has been a drag on the market.

chi-coldwell (3) The month-end inventory of listed homes was just 25,520, compared to 28,088 for the prior February, a decrease of 9.1%.

CHICAGO—The now familiar patterns of a limited inventory of homes for sale and the continuing increase of home values were evident again during February across the metropolitan Chicago housing market, according to RE/MAX Northern Illinois. Echoing results of recent months, February home sales activity fell 2.2%, but the median sales price rose 8.2% when compared to the same month last year.

Those numbers contrast favorably with January, which saw sales decline 6.9% and the median sales price gain 7.1% in the seven-county metro area.

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Brian J. Rogal

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.

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