Home Prices Up, Sales Down In November
John Gregory -- Illinois Radio Network
The median price of a home in Illinois continues to go up in November, while the number of sales went down compared to last year.
9,640 homes were sold in November, down 3.5 percent from the same month in 2014. Prices, however, rose year-over-year for the 39th consecutive month, with the median price going up 6.5 percent to $165,000.
Illinois Association of Realtors president Mike Drews says the low inventory of homes is keeping prices up while forcing buyers to pick quickly.
“That still remains an issue, so prices are kind of strong, buyers have fewer listings to take a look at, so they’ve got to probably jump on the bandwagon a little quicker than they’ve had to in the last three or four years,” Drews said.
The November report says homes are remaining on the market for an average of 67 days, down from an average of 74 days a year ago.