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Home Sales Are Down Considerably in Illinois

The once red hot Illinois housing market continues to cool off. According to data released by Illinois Realtors, home sales in July were down 21.4% compared to the same period last year.

Daniel McMillan, head of the Stuart Handler Department of Real Estate at the University of Illinois at Chicago, said there is one major factor that has affected sales.

“I think the main culprit for this is really just the fact that interest rates have stayed high and you had this long period of really low interest rates, so you have a lot of homeowners who are sitting on fairly low interest rates and they are reluctant to put their house on the market,” McMillan said.