CHICAGO — Fewer homes were sold in the city in July compared to a year earlier, with experts noting that there are fewer properties on the market in Chicago.
The scarcity helped push prices up: the median sales price of a condominium in Chicago was $321,950 while single-family homes went for $236,000, according to a report by the Illinois Realtors Association.
Median sale prices were up 3.9 percent for condos and 4.9 percent for single-family homes compared to July of 2015, the association said in its monthly report released Wednesday.
The median price means half sold for more and half sold for less.
Assessing the statewide market, the group concluded: "Homes sold faster and prices were stronger in July, but lower inventory continues to act as a drag on the market."
In the city, there were 1,708 condos sold in July, down 14.8 percent from a year earlier. In the single-family home category, sales dropped 6.6 percent year-to-year to 1,006.
In terms of availability, among all types of homes in Chicago neighborhoods, there were 9,087 for sale in July, some 14.4 percent fewer than a year ago, the report said.
The greater nine-county Chicago area has similar trends, with condos selling for a median price of $196,500 and single family homes at $256,000 in July of 2016 amid tighter inventory.
Looking at the overall picture for housing in nation, "as the house prices climb, housing affordability has returned to be a potential concern" though Cook County still has a supply of affordable housing, the report said. Foreclosures in the Chicago area also were down.
According to a RealtyTrac report on national trends, buying a median-priced home requires about 35 percent of the buyer's weekly wages. Home prices were increasing at a higher rate than wages in the Chicago area, RealtyTrac said.
In another housing examination, the National Association of Realtors said the number of existing homes sold in the U.S. dropped 3.2 percent.
Economists are optimistic that Millennials will drive the housing market. "Unemployment among Americans in the 25-34 age bracket has plummeted since January of last year, with the share of those with a job at the highest level since September 2008," Reuters reported.
About a third of homes sold in the U.S. in July were to first-time homebuyers, according to the National Association of Realtors.
For more neighborhood news, listen to DNAinfo Radio here:
