Home sales in Chicago saw a sharp decline in November, according to new data from Illinois Realtors. In the city specifically, just 1,793 homes were sold in November, representing an 8.5 percent drop from this same time last year.
For comparison, home sales nationwide only saw a 7 percent decline, according to data from the National Association of Realtors.
Both local and national economists attribute the decline to rising interest rates and shaky consumer confidence about the future of the U.S. economy heading into the new year.
Even with the 8.5 percent drop, November still sits behind September for the steepest monthly decline of 2018, a month when sales dropped 14.5 percent year-over-year.
Compared to the first 11 months in 2017, this year’s sales overall are down 4 percent.