Market Statistics
Summer 2022 has been a season of change for the U.S. real estate market. With housing affordability at a 33-year low, existing-home sales have continued to soften nationwide, falling 5.9% month-to-month and 20.9% year-over-year as of last measure, according to the National Association of REALTORS® (NAR). Pending home sales have also continued to decline, while new listings have steadily increased, with unsold inventory reaching 3.3 months’ supply at the start of August. The pullback in demand has been particularly hard on homebuilders, causing new home sales and construction to slow.
Inventory
New Listings in the City of Chicago were down 0.6 percent for detached homes and 25.7 percent for attached properties.
Listings Under Contract decreased 16.1 percent for detached homes and 22.7 percent for attached properties.
Listings
The Median Sales Price was down 4.6 percent to $310,000 for detached homes and 6.2 percent to $320,000 for attached properties.
Months Supply of Inventory increased 9.5 percent for detached units but decreased 20.9 percent for attached units.
Inflation, higher interest rates, and fears of a potential recession have taken a toll on buyers and sellers this summer, leading many people to stay on the sidelines to see what will happen with the market. But some experts, including NAR Chief Economist Lawrence Yun, believe the worst of inflation may be over. Although sales prices remain up from this time last year, price growth is expected to moderate in the months ahead as the market continues to shift in a more buyer-friendly direction.
*Statistics and analysis courtesy of the Chicago Association of REALTORS®. August 2022 statistics are the most recent available market statistics for the city of Chicago.
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