In March, 10,024 homes sold in Illinois: the lowest number seen since 2008, according to new data from Illinois REALTORS®.

The statewide low represents an 11.9% decrease year over year, too, while inventory dropped even more, by 14.2%. Just 15,268 homes were available for sale last month. At the same time, the median price rose 9.5% to $282,000.

“The record low inventory of available homes has fallen to a 16-year low in Illinois,” Illinois REALTORS® President Matt Silver said in a press release.

In the Chicago metro area, the picture was similar. There, 6,794 homes sold in March, down 14.1% year over year, while inventory decreased 15.5% with 10,409 homes for sale. The metro’s median sales price also rose 9.6%, reaching $339,900.

In the city proper, home sales slipped 18.9% year over year with 1,790 sales while 4,216 homes were for sale, total 16.4%. Meanwhile, the median city home price was $359,000, up 7.3% from last year.

Month over month, however, sales increased greatly. In Illinois, they were up 23.5%. In the Chicago metro area, 25.2% And, in the city, 26.3%

“The number of sales rose significantly from February to March in both Illinois and the Chicago PMSA. Prices also increased,” Dr. Daniel McMillen, professor of real estate at the University of Illinois-Chicago College of Business Administration, said in the press release. “However, the number of sales is lower than at this time last year.”

“Taking all that into account, and considering sales traditionally increase in spring,” McMillen concluded, “The number of sales and prices should continue to increase steadily over the next several months.”

“This March, closed sales dipped, though median sales price increased and days on market shortened – this is evident of a busy spring season in Chicago amid a pinched inventory market,” said Chicago Association of REALTORS® President Drussy Hernandez/.