July Housing Market Roundup
According to the Illinois Association of Realtors, in July 2012, home sales in the general Chicago area (comprising of Cook County and eight other counties) increased by 29 percent over July of 2011. Overall, 8,551 homes sold. The median sales price was the highest it’s been this year.
While movement in the market is good news, it must be noted that the price of homes sold in July 2012 decreased nearly 6% overall in the nine counties comprising the study since July 2011. The city of Chicago fared better: prices dropped only 2.4 percent in the city when compared to last summer, and condominium prices only dropped .8 percent, while condominium sales increased by 25 percent. Dupage County prices fared the best — there was an increase of a little over 1 percent since last summer.
Regardless of price fluctuations, there is a great deal of inventory out there. A larger volume of sales , even at a lower price, should help to cut down inventory and increase prices in the long run.