Metro home prices up in August compared to a year earlier

Home prices in the Chicago area climbed 9.6% during August compared with the same time last year, new numbers show.

The median sales price in the metro area was $339,000, a $29,000 jump from August 2022, according to data released Thursday by Illinois Realtors. The data showed that prices were down month-to-month from July to August.

A separate news release Thursday from the National Association of Realtors showed that the median existing-home sales price across the country climbed 3.9% in August compared to the same time last year to $407,100, the third consecutive month the median sales price surpassed $400,000.

The number of homes sold in the Chicago metro area in August totaled 9,103, down from 10,728 during the same month a year earlier.

“Although prices declined in August in both Illinois and the Chicago area, they remain much higher than at this time last year,” said Daniel McMillen, head of the department of real estate at University of Illinois at Chicago, in a news…