My Real Estate Blog

The year over year changes in housing sales for May, June, and July revealed a significant drop in the rate of decline, from just over 20% in Illinois, and 18% in Chicago to virtually no change by the end of the 3 month period, as reported by economists from the University of Illinois.

In the past, a close-to-zero growth rate would have been viewed as alarming, it represents the first non-negative decline since March 2006. Sales showing an increase in May and June, with a drop somewhat in july, in both Illinois overall, and the Chicago market. No rebound was noted in sales prices in Illinois, which was also noted nationally.

Forecast for the next 3 months (August through October) indicates a similar moderating of the decline in both Illinois and Chicago, with median sales prices continuing to decline slightly.

For more information see the Illinois Association of Realtors website.