CHICAGO— Illinois home prices have now marked 20 consecutivemonths of year-over-year gains, but a depressed inventory has alsobecome a pattern, according to officials from the IllinoisAssociation of REALTORS®. The organization just publishedstatistics which show a decline in April home sales, at leastcompared to April 2013, and a decline in available inventory.
“Inventory levels are tight but improving slightly and mortgagerates are still fairly low, giving consumers more buying power,”says Phil Chiles, president of the stateassociation and broker-associate with the Real EstateGroup in downstate Springfield. "Sellers who have beenputting off a decision to list could find this spring is the righttime to sell to take advantage of pent-up buyer demand and lessmarket competition."
In April, a total of 11,845 homes were sold, including condos,down from 12,846 in April 2013. The association's data also showthat only 63,406 units were available, down 10.9% compared to lastyear.
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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.
