A RE/MAX Northern Illinois report found the sale of Chicago’s existing homes dipped during the month of July, but median sales prices actually increased, according to Builder Online. In July, 11,210 units were sold, a 3.5 percent drop, but the median sales price was $250,000, a 4.2 percent increase.

The decrease in available homes was a big influence on the decrease in sales and strong list prices. The RE/MAX report indicated that is a part of a normal trend for home inventory to decrease from July through the end of the year. Additionally, the report indicates there has been a significant decrease in available distressed properties and a shrinking number of detached homes for sale. 

Although the number of sales dropped, the homes that were sold spent an average of just 66 days on the market.

"What's most remarkable is that the July market time of 66 days is the lowest result for any month since 2005 when we began tracking that data," said Jack Kreider, executive vice president and regional director of RE/MAX Northern Illinois, according to the report.