CHICAGO — The median price for a condo in the city was $331,000 last month, up 2.3 percent from May of 2016, a report released Thursday said.
For single family homes, the median price was $255,500, up 12.1 percent for the same time period, according to the Illinois Realtors group.
However, overall sales were stunted year to year: there were 0.2 percent fewer homes sold in the city in May of 2017 compared to May of 2016 — 2,973 vs. 2,980. The market remained tight, with the inventory of homes for sale in Chicago about 9 percent less year to year.
The association said that the market seems to be taking a "wait and see" approach to listing homes.
Competition for homes is reflected in the speed they are being bought and sold: properties sold last month in the city had been on the market for 46 days compared to 50 in May of 2016.
In the greater Chicago metropolitan area, the median price of a condo was $207,448, up 4.2 percent from May of 2016. The single family home median price was $265,000, up 7.5 percent.
Median means half sold for more, half for less.
Looking at national real estate numbers, the AP concluded: "Americans shopping for a house are facing an intensifying set of pressures: Fewer and fewer homes are being listed for sale, while prices are climbing at a pace that most incomes can't possibly match."
The chief economist for the National Association of Realtors said low unemployment rates and "a recent downward trend in mortgage rates" continues to keep buyer interest "at a robust level" but affordable homes "are scarce."
"Home prices keep chugging along at a pace that is not sustainable in the long run," Lawrence Yun said in a press release. "Current demand levels indicate sales should be stronger, but it's clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions."
