Chicago Home Sales Dip Due To Low Inventory, Stagnant Job Growth

Homes sales in the Chicago area dropped 2.3 percent and prices rose 5.2 percent year-over-year in April, according to the Chicago Tribune.

The decrease in sales can be traced to fewer homes on the market, with only 4,845 homes for sale last month, down from 5,103 last April and 7,102 in April 2008.

Due to political turmoil and uncertainty, employers in the state are hesitant to add new jobs, further making it tougher for potential buyers to obtain a home.

The median price of a single-family home in the Chicago area is $260,000.

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