Market Statistics
Existing home sales declined nationwide for the eighth consecutive month, falling 1.5% as of last measure, according to the National Association of REALTORS® (NAR), with sales down nearly 24% from the same period last year. Pending home sales also declined, dropping 10.9% month-to-month, exceeding economists’ expectations. Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool rapidly this year.
Inventory
New Listings in the City of Chicago were down 8.2 percent for detached homes and 31.8 percent for attached properties.
Listings Under Contract decreased 26.4 percent for detached homes and 39.7 percent for attached properties.
Listings
The Median Sales Price was up 5.7 percent to $306,000 for detached homes but was down 4.3 percent to $330,000 for attached properties.
Months Supply of Inventory increased 15.1 percent for detached units but decreased 16.8 percent for attached units.
The US housing market is undergoing a major shift, and affordability continues to be an obstacle for buyers and sellers. Mortgage rates have doubled since March, and home prices remain elevated due to a limited supply of homes, although price gains are slowing at a quickening pace. As a result, many homeowners are waiting until market conditions improve to sell their home, while other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers.
*Current as of November 14, 2022. All data from Midwest Real Estate Data reflecting activity within the 77 officially defined Chicago community areas. Report © 2022 ShowingTime.
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