In September, home sales in McHenry County rose 2.5% over September 2017. It was the only county in the metro area to see an increase.
CHICAGO—The metropolitan area saw a significant decline in September home sales, but whether this is part of a longer-term trend is not clear. Sales fell 10.9% compared to last September, and that slowdown led to a 3% fall in total home sales during the third quarter of 2018 when compared to the same period last year, according to an analysis by RE/MAX Northern Illinois. Sales for the quarter totaled 31,454 units.
“Housing costs have been rising,” says Jeff LaGrange, vice president of the RE/MAX Northern Illinois Region. “Mortgage rates are up nationally, and in the Chicago area we recently have seen some significant increases in property taxes. So, although the median sales price of homes in the metro area increased just 12% over the last three years, housing affordability has declined this year.”
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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.
