Home sales decreased in June over the same month last year, but overall housing market looking up
Chicagoland has experienced a slow housing market throughout 2019, yet new data indicates a rise in sales may be approaching. The number of detached single-family Chicagoland homes sold decreased 11.4 percent in June 2019 over June 2018, according to statistics released today by the Mainstreet Organization of REALTORS® (MORe). And, the average market time in June increased 6.0 percent over the same month last year. Yet the number of single-family detached homes that went under contract in June 2019 increased 8.9 percent over the same time last year.
“For the last couple of months, Chicagoland communities have experienced a shortage of inventory. This trend, combined with many people hitting roadblocks with appraisals and inspections between the contract and sale, has led to a decrease in area sales over last year,” MORe Board of Directors President Michael Gobber said. “But inventory is picking up, we’re experiencing a strong economy, and interest rates are low, around 3.9 percent. We’re expecting buyers to hit the ground running in late summer and early fall.”
Despite the drop in the number of homes sold year over year, some area communities experienced an increase in sales over June 2018. These communities include: Addison (36.4 percent increase in number of homes sold); Batavia (34.5%); Dolton (25.0%); Glendale Heights (29.6%); Vernon Hills (54.6%) and Zion (27.3%).
“Buyers should keep an eye out as new properties pop up on the market,” Gobber said. “As inventory rebounds, people interested in buying a home this year should take advantage of the low interest rate and healthy economy.”