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Annual and Monthly Home Sales Were Down in Illinois at Year’s End

An aerial view of a residential neighborhood

As inventory remained tight, both annual and December home sales were down at the end of 2023, according to a new report from the Chicago Association of REALTORS®. “Although the housing market is continuing its trend of low sales and relatively high prices, our forecast is that sales will increase over the next three months,” said Dr. Daniel McMillen, professor of real estate and associate dean for faculty affairs at the University of Illinois-Chicago College of Business Administration. “Consumer confidence has increased significantly as interest rates and the rate of inflation have declined.”