RE/MAX of Northern Illinois posted the July statistics for Chicagoland.

The news is good! Market absorption for listings and sales is down, which means the sales are occuring. At one point the inventory was 2.5 years out, now we have a 9 month surplus.

Here's the statistics of all of Chicagoland from RE/MAX International:

Chicago, IL
Number of Transactions
Current Month: 5,606
One month change: -38.87%
One year change: -22.74%
Active Inventory
Current Month: 72,545
One month change: 0.93%
One year change: -16.25%
Month's Supply of Inventory
Current Month: 9.2
Days on Market
Current Month: 75
One month change: -1.97%
One year change: -23.98%
Median Price – Sold
Current Month: $192,950
One month change: -6.79%
One year change: -8.7%

I would not be as concerned about the 1 year decline totals, but I am looking at the median price solds. More homes are coming on the market, but at a much slower rate. The MLS statistics are showing a market time of 240+ days to get sold. We are still declining in value, but not as drastically as the past two years.