Urban Real Estate

July Home Sales Drop, But Prices Rise

July Home Sales Drop, But Prices Rise

Local home sales slide dramatically in July, but a closer look at the numbers indicates that the driving factor is the seemingly endless inventory shortage.

In Chicago, sales fell 11.9 percent year-over-year to 2,714 sales though the median price rose 1.9 percent. Condo sales meanwhile, fell 14.8 percent and median price rose 3.9 percent.

But inventory declined from its already low level another 16.4 percent for the Chicagoland area. If inventory continues to decline, prices will still edge up because of stable demand but sales will continue to decline.

Read more at the Chicago Tribune here.