Inventories

July home sales plunge in Chicago, suburbs

July home sales plunge in Chicago, suburbs

A spring and early summer surge in home buying in the Chicago area came to an abrupt halt in July, as local home sales slid 7.3 percent from a year ago.

It was the first monthly decline in year-over-year existing home sales since November, and much sharper than the 1.9 percent drop reported then, according to Illinois Realtors.

The real estate trade group said 11,716 homes sold in July, compared with 12,645 in July 2015. Yet prices rose modestly. The median sales price was up 5.8 percent to $238,000. That compares with $225,000 a year ago.

In Chicago, July's decline in sales activity was even more pronounced. Sales fell 11.9 percent year-over-year, to 2,714 homes sold....

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