X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO—Statewide home sales dipped last month, at least compared to November 2012, according to statistics just published by the Illinois Association of REALTORS®, and officials from the organization attribute the decline to a decline in available inventory. At the same time, median prices increased as a healthy number of potential buyers competed to purchase the shrinking number of for-sale homes.

“This is a classic case of supply and demand,” says Phil Chiles, president of the state association and broker-associate with The Real Estate Group in Springfield. “The low number of homes on the market is forcing consumers, who very much want to buy, to pay a bit more. What’s important to note is that there’s still a lot of interest in purchasing a home despite the lower selection.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.