Market Statistics
The U.S. real estate market continues to slow as we move into fall, as rising consumer prices and higher mortgage interest rates squeeze homebuyer budgets and cool activity. With inflation showing little sign of abating, the Federal Reserve implemented another 75-basis-point hike in September, marking the third such rate increase this year. The cost of borrowing has reached multi-year highs on everything from credit cards to auto loans in 2022 as mortgage interest rates topped 6% for the first time since 2008, causing existing home sales to decline for the seventh consecutive month.
Inventory
New Listings in the City of Chicago were down 2.7 percent for detached homes and 29.7 percent for attached properties.
Listings Under Contract decreased 22.0 percent for detached homes and 28.3 percent for attached properties.
Listings
The Median Sales Price was up 1.4 percent to $300,000 for detached homes but was down 1.5 percent to $335,000 for attached properties.
Months Supply of Inventory increased 12.3 percent for detached units but decreased 19.8 percent for attached units.
Affordability challenges have priced many buyers out of the market this year, and buyers who do succeed in purchasing a home are finding that the costs of homeownership have increased significantly, with monthly mortgage payments more than 55% higher than a year ago, according to the National Association of REALTORS®. Inventory remains lower than normal, and as the market continue to shift, experts project homes will begin to spend more days on market and price growth will slow in the months ahead.
*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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