CHICAGO—The number of statewide home sales dipped again last month, but median prices also rose again, according to data from the Illinois Association of REALTORS®. Tight credit standards and lower inventory levels have made declining sales, at least on a year-over-year basis, and rising prices the norm for this year. July marks the 23rd consecutive month of annual price gains.

Furthermore, the shrunken inventory has also cut the average time 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 in the Chicago area was 50 days, and just 43 days in the city of Chicago.

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