DataMarkets & Economy

Chicago home sales take a surprising turn up in August

Statewide home sales made a mad dash into the autumn leaf pile
  • Chicago home sales increased 2.6 percent since August 2015, to 2,770.
  • Total home sales in Illinois climbed 6.7 percent annually, to 16,455.
  • Median home price in Illinois also increased 6.7 percent annually, to $192,000.

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The Illinois Realtors reported a strong sales month as we head into the fall season, seeing a total of 16,455 home sold in August. During the same month in 2015, only 15,415 homes sold, according to Illinois Realtors. This 6.7 percent increase in home sales is supported by a boost in median home price. The year-over-year growth in median home price, also 6.7 percent, puts the mark at $192,000. Graphic courtesy of Illinois Realtors. “We saw a strong surge of late-summer buying in August which lifted sales to positive annual gains,” Dan Wagner, president of the Chicago Association of Realtors, said in a press release. “The downside to this is that inventories in the city of Chicago saw a notable 14.7 percent decline, making August the fifth month in a row where we’ve seen double-digit percentage decreases in the number of homes for sale.” Chicago and the surrounding markets Single-family home sales in August increased 7.6 percent in the Chicago metro over the ye...