CHICAGO—The number of statewide home sales dipped again lastmonth, but median prices also rose again, according to data fromthe Illinois Association of REALTORS®. Tightcredit standards and lower inventory levels have made decliningsales, at least on a year-over-year basis, and rising prices thenorm for this year. July marks the 23rd consecutive month of annualprice gains.
Furthermore, the shrunken inventory has also cut the averagetime it takes to sell a home. In July, it took 65 days on average,down 9.7% from 72 days last year. And the average time to sell inthe Chicago area was 50 days, and just 43 days in the city ofChicago.
"Buyers are snapping up properties quickly, showing that thedesire to own a home is undiminished by fewer homes on the market,"says Phil Chiles, president of the IllinoisAssociation of REALTORS® and broker-associate with the RealEstate Group in Springfield. "The high level of interestin buying is forcing prices higher, a trend we have seen throughmuch of the 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.
