Data current as of December 27, 2022
Mortgage rates continued their downward trend of recent weeks, as the 30-year fixed-rate mortgage averaged 6.31% the week ending 12/15, according to Freddie Mac. Mortgage rates have fallen for the past 5 weeks, declining by more than three-quarters of a percent in that time, and are at their lowest level since September. The drop in rates has resulted in an uptick in mortgage refinance demand, which increased 6% from the previous week, according to the Mortgage Bankers Association.
SINGLE-FAMILY DETACHED
For the week ending December 17:
New Listings decreased 4.2% to 205
Under Contract Sales decreased 27.3% to 128
Inventory increased 8.8% to 2,636
For the month of November:
Median Sales Price decreased 6.8% to $289,000
Market Time increased 43.5% to 66
Percent of Original List Price Received decreased 2.5% to 95.2%
Months Supply increased 23.1% to 3.2
SINGLE-FAMILY ATTACHED
For the week ending December 17:
New Listings decreased 21.6% to 182
Under Contract Sales decreased 34.2% to 179
Inventory decreased 26.2% to 3,620
For the month of November:
Median Sales Price decreased 6.5% to $325,000
Market Time decreased 12.5% to 70
Percent of Original List Price Received decreased 0.6% to 96.2%
Months Supply decreased 10.0% to 2.7
Current as of December 27, 2022. All data from Midwest Real Estate Data reflecting activity within the 77 officially defined Chicago community areas. Report © 2022 ShowingTime.