For Week Ending November 5, 2022
Data current as of November 14, 2022
With the average 30-year fixed-rate mortgage hovering around 7%, interest in adjustable-rate mortgages (ARM) continues to grow, as buyers look to save money any way they can. Freddie Mac reports the rate for a 5/1 ARM was a full point lower than the popular 30-year loan the week ending 11/4/22, while the share of homebuyers applying for ARMs has increased significantly since the start of the year, representing about 12% of total applications, according to the Mortgage Bankers Association.
SINGLE-FAMILY DETACHED
For the week ending November 5:
New Listings decreased 28.1% to 310
Under Contract Sales decreased 39.1% to 159
Inventory increased 5.3% to 2,911
For the month of October:
Median Sales Price increased 5.7% to $306,000
Market Time increased 16.7% to 56
Percent of Original List Price Received decreased 2.2% to 95.3%
Months Supply increased 13.8% to 3.3
SINGLE-FAMILY ATTACHED
For the week ending November 5:
New Listings decreased 26.2% to 428
Under Contract Sales decreased 35.6% to 190
Inventory decreased 28.0% to 4,371
For the month of October:
Median Sales Price decreased 4.3% to $330,000
Market Time decreased 16.3% to 67
Percent of Original List Price Received decreased 0.2% to 96.7%
Months Supply decreased 17.1% to 2.9
*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.