(WBBM NEWSRADIO) -- Illinois home sales were down than 22 percent in May, compared to May 2022.
The numbers are 12,817 this year and 16,492 last year. The median price both years was about $275,000, according to the Illinois Association of Realtors.
The realtors’ group made its forecaster available to explain it all.
“What I had hoped was that the number of sales was going to increase substantially,” said Daniel McMillen, head of the real estate program at the University of Illinois Chicago College of Business Administration.
“And I thought that that would make it so that home prices didn’t continue at these really high levels that we'd had. The home prices had not continued at those really high levels, but we still have this really low inventory.
“What we're forecasting is that these home prices will stay pretty constant over these next few months.”
What if there’s a recession? McMillen said a silver lining would be that interest rates would eventually come down.
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