Chicago Home Sales Slip 0.3% in April as Iran War Lifts Rates and Living Costs

4 articles · Updated · Chicago Tribune · May 25

Closed single-family sales in the Chicago metro area fell 0.3% in April from a year earlier, while prices rose nearly 5%, underscoring a market that remains tight but harder to navigate.
Mortgage costs have climbed since the Iran war began, with the average 30-year fixed rate rising to 6.51% last week from 6.36%, squeezing buyers' budgets and adding to broader inflation pressures.
Inventory is still scarce across Chicago and Illinois, and DePaul's Institute for Housing Studies said the state remains among the slowest in the country to recover listings to pre-pandemic levels.
That mix is producing uneven conditions: some south suburban sellers still draw quick offers, but brokers said more new listings are distressed or need updates, limiting options for budget-conscious buyers.
The April data also challenge prewar forecasts that had projected 2026 Chicago-area sales to rise 5.1%, even as agents say life events and relative south suburban affordability continue to support demand.

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