Sales of existing homes in the Chicago area fell more than 13 percent in August, the biggest monthly year-over-year decline since June 2011, according to data released Monday.
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The Illinois Association of Realtors said 10,370 homes were sold in the nine-county Chicago area, compared with 11,963 homes in August 2013. While sales volume has failed to beat its year-ago comparisons every month this year, the 13.3 percent decline is the largest of the year and second only to a 17.4 percent decline in June 2011.
Likewise, within the city of Chicago, year-over-year home sales fell by 15.3 percent to 2,414 homes sold, also the largest loss recorded since June 2011.
Median home prices continued to rally and beat their year-ago comparisons, a result of a sluggish inventory situation. For the area as a whole, home prices rose 9.1 percent from a year ago, to $215,000 in August. In the city, the median price of $270,000 was up 10.2 percent from August 2013.
“August rounded out the typically hot summer market with a trend we’ve seen all year,” said Matt Farrell, president of the Chicago Association of Realtors. “Chicago buyers have fewer homes to choose from yet are finding their desired house in a shorter amount of time.”
In the city, homes for sale went under contract in 46 days, on average, compared with 48 days last year. Overall for the nine counties, it took an average of 53 days for a home to go under contract. That compared with 59 days in August 2013.