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Home Building Activity Not Keeping Pace with Demand

CHICAGO—But home starts have increased over the past year, raising hopes that the inventory shortage that has plagued the market will end.  

chi-timberwood-5-14 A new home in suburban Plainfield by Dirilten Builders. Home starts in the Chi. region recently increased by 6%.

CHICAGO—Homes sold faster and prices were stronger in July, but lower inventory continues to act as a drag on the market, according to Illinois REALTORS®. Statewide home sales in July 2016 totaled 16,108, down 6.8% from 17,291 in July 2015. The statewide median price in July was $199,000 up 4.7% from July 2015 when the median price was $190,000.

Available housing inventory totaled 65,998 homes for sale, a 14.4% decline from July 2015 when there were 77,069 homes on the market.

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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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