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. August marks the 24th consecutive month ofannual price gains.

Statewide home sales in August 2014 totaled 14,679 homes sold,down 10.4% from 16,384 in August 2013. In the nine-countymetropolitan area, home sales last month totaled 10,370, down 13.3%from last year. And the city of Chicago saw a 15.3% year-over-yeardecrease in home sales in August with 2,414 sales, down from 2,850in August 2013.

But a deeper look into the numbers shows that the decline ininventory was only a partial explanation for the slowdown. Adecline in foreclosure sales has also contributed to the decline inoverall sales, according to Geoffrey J.D. Hewings,director of the Regional Economics ApplicationsLaboratory of the University of Illinois.In fact, he tells GlobeSt.com, “regular sales are almost at lastyear's level. Last month, the decline in the number of foreclosuresales was particularly sharp.”