March 2023 Monthly Activity Report
Nationally, existing home sales jumped 14.5% month-over-month as of last measure, the first monthly gain in 12 months, and representing the largest monthly increase since July 2020, according to the National Association of REALTORS® (NAR). The sudden uptick in sales activity stems from contracts signed toward the beginning of the year, when mortgage rates dipped to the low 6% range, causing a surge in homebuyer activity. Pending sales have continued to improve heading into spring , increasing for the third consecutive month, according to NAR.
New Listings in the City of Chicago were down 23.3 percent for detached homes and 38.6 percent for attached properties. Listings Under Contract decreased 17.3 percent for detached homes and 36.8 percent for attached properties.
The Median Sales Price was down 8.7 percent to $295,000 for detached homes but was up 1.7 percent to $362,500 for attached properties. Months Supply of Inventory increased 27.2 percent for detached units but decreased 5.8 percent for attached units.
Monthly sales might have been even higher if not for limited inventory nationwide. At the current sales pace, there were just 2.6 months’ supply of existing homes at the beginning of March, far below the 4 – 6 months’ supply of a balanced market. Inventory remains suppressed in part because of mortgage interest rates, which nearly hit 7% before falling again in recent weeks. Higher rates have continued to put downward pressure on sales prices, and for the first time in more than a decade, national home prices were lower year-over-year, according to NAR, breaking a 131- month streak of annual price increases.
Current as of April 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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