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Seasonality amid a rehabbing market is in full effect in Chicago

The ups and downs of selling in Chicago in November
  • Home sales were off 1.4 percent in Chicago.
  • Prices were up slightly across Chicagoland and the state.
  • Inventories slid by double digits.

The city of Chicago saw sales slide a little bit since this time last year. In November 2015, 1,615 homes changed hands. That’s a drop of 1.4 percent from last November, when 1,638 homes were sold. The median price of a home in Chicago proper was $235,000, up 2.2 percent over November 2014 when the median price was $230,000. In the nine-county Chicago Primary Metropolitan Statistical Area, home sales in November 2015 totaled 6,836, a decrease of 3.9 percent from the 7,115 sales in November 2014. But prices are still going in the other direction in the whole region: The median price in the Chicago PMSA was $196,000, up 7.9 percent from $181,690 that was registered in November 2014. Inventories in the Chicago area dropped like the proverbial rock, with 16 percent fewer available homes in November 2015 when compared to November 2014. "Median prices in the Chicago market posted a strong showing in November, boosted by a lower number of properties from which to choose...