Urban Real Estate

Low Inventory, Seasonal Factors Driving Sales Decline

Low Inventory, Seasonal Factors Driving Sales Decline

According to the latest numbers, sales in the Chicago-metro area declined in October.

For the month, sales were down 6.3 percent from the pervious year and 12.91 percent from the previous month, while the median price rose 8.1 percent to $216,250.

Geoffrey J.D. Hewings, the director of the Regional Economics Applications Laboratory at the University of Illinois, told Chicago Agent Magazine that many factors contributed to the decline.

“No doubt that the election contributed to a decline in sales, but prices continue to grow,” Hewings said. “For the next three months, price growth is anticipated to be a little stronger. Declining supply contributes some uncertainty to sales growth.”

Overall, inventory was down 17 percent from the previous year.

For Chicago, while sales were down 8.8 percent, prices beat the metro average, rising 9.2 percent to $262,000.

Read more at Chicago Agent Magazine here.