Market Statistics
In its continued effort to curb inflation, the Federal Reserve raised its benchmark interest rate in February by a quarter-percentage point to 4.50% - 4.75%, its 8th rate hike since March of last year, when the interest rate was nearly zero. Mortgage interest rates have dipped slightly from their peak last fall, leading pending sales to increase 8.1% month-to-month as of last measure, but affordability constraints continue to limit homebuyer activity overall, with existing-home sales declining for the twelfth consecutive month, according to the National Association of Realtors® (NAR).
Inventory
New Listings in the City of Chicago were down 11.5 percent for detached homes and 37.7 percent for attached properties.
Listings Under Contract decreased 16.3 percent for detached homes and 33.8 percent for attached properties.
Listings
The Median Sales Price was up 3.1 percent to $295,000 for detached homes but was down 7.2 percent to $320,000 for attached properties.
Months Supply of Inventory increased 34.9 percent for detached units but decreased 5.9 percent for attached units.
With buyer demand down from peak levels, home price growth has continued to slow nationwide, although prices remain up from a year ago. Sellers have been increasingly cutting prices and offering sales incentives in an attempt to attract buyers, who have continued to struggle with affordability challenges this winter. The slight decline in mortgage rates earlier this year convinced some buyers to come off the sidelines, but with rates ticking up again in recent weeks, buyers are once again pulling back, causing sales activity to remain down heading into spring.
Current as of March 14, 2023. All data from Midwest Real Estate Data reflecting activity within the 77 officially defined Chicago community areas. Report © 2023 ShowingTime.
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