Homes Still Selling Fast in Illinois, Though Chicago Shows Slower Price Growth
Homes Still Selling Fast in Illinois, Though Chicago Shows Slower Price Growth Heading link
According to ChicagoAgent.com, homes were selling faster — at higher prices — in the state in July, according to new data from Illinois REALTORS®. The news comes following a month of decreased mortgage rates and tight inventory. In the Chicago metro area, the changes were even starker. In total, 10,400 homes (both attached and detached) were sold in July— a 25.6% year-over-year decrease — while the price rose to $325,000, reflecting a 4.8% bump.
Looking toward the future, Dr. Daniel McMillen, head of the Stuart Handler Department of Real Estate at the University of Illinois at Chicago College of Business Administration, also offered his perspective. “Increases in interest rates and concerns about inflation have caused a decline in consumer confidence in the economy and may lead to lower price growth in the future,” McMillen said.