Illinois Saw Cooler Spring Housing Market as Inventory Remained Tight and Mortgage Rates High
Illinois Saw Cooler Spring Housing Market as Inventory Remained Tight and Mortgage Rates High Heading link
The Illinois housing market is seeing the anticipated higher sales volume and prices associated with the season, but this spring’s market was less hot compared with last year given that high mortgage rates and low inventory remain. “The trend of rising prices and declining sales continued during June,” said Dan McMillen, Professor of Real Estate, in a July news release. “Our forecasts indicate that prices will begin their expected seasonal decline over the next three months, while the number of sales continues to decline.”