CHICAGO — Chicago saw about 6 percent fewer homes sold last month compared to July of 2016 as buyers had fewer choices in a tight market, according to a report released Thursday.
In the city, the median sale price of a condo was $325,000 in July, up about 1.6 percent over July of last year. The single family median sale price was $250,000, up about 5 percent in the same time period, according to the report by the Illinois Realtors group.
The median sales price means that half sold for more and half sold for less.
Analyzing the numbers statewide, Geoffrey J.D. Hewings of the University of Illinois said, "The concerns this month center on the continuing low inventory rates and the potential dampening of demand caused by real income growth failing to keep pace with rising house prices."
He added that "housing affordability is once again become a concern," especially for first-time buyers.
Statewide, sales were down 4.3 percent. The greater Chicago area saw a 4.9 percent decline.
In the city, the homes that were on the market sold faster: 34 days on the market in July to 38 days.
“Our continued decline in the days on the market until a sale reflects the fact that properties priced appropriately are selling rapidly," Matt Silver, president of the Chicago Association of Realtors and a partner at Urban Real Estate, said in a prepared statement.
"In Chicago, inventory isn’t as restricted in certain price ranges; there continues to be plenty of opportunity at different price points, particularly for move-up buyers,” Silver added.
In the greater Chicago metro area, the median sale price for a condo was $207,000 (up 5.6 percent from a year earlier) and a home was $267,000 (up 4.7 percent.)
Nationally, the story was much the same, with sales dropping and low inventory.