How Low Inventory Affected the Illinois Market in September
How Low Inventory Affected the Illinois Market in September Heading link
Low housing inventory drove sales down and prices up in September, according to a report from Illinois REALTORS®.
Looking further back to the summer, Dr. Daniel McMillen, professor of real estate and associate dean for faculty affairs at the University of Illinois Chicago College of Business Administration, said prices are continuing their usual seasonal decline from a June peak. “However, they remain much higher than at this time last year,” McMillen said in a press release. “Our forecasts indicate that prices will continue to decline somewhat over the next three months, while remaining higher than at this time last year. The number of sales remains low and is forecast to decline further over the next three months.”