Data current as of January 3, 2023
Elevated mortgage rates continue to take a toll on the construction industry, with housing permits for new homes falling 11.2% in November, according to the Commerce Department. Housing starts were down 0.5% over the same time period, with the annual rate of housing starts down 16.4% from the previous year. Overall construction was strongest in the West and the South, while single-family construction was strongest in the West and Northeast.
SINGLE-FAMILY DETACHED
For the week ending December 24:
New Listings decreased 30.0% to 105
Under Contract Sales decreased 12.4% to 113
Inventory increased 8.9% to 2,570
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 24:
New Listings decreased 37.4% to 77
Under Contract Sales decreased 18.4% to 151
Inventory decreased 25.1% to 3,475
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 January 3, 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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