July 17, 2012
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We’re halfway through 2012, and what a year it’s been. Residential real estate has finally taken some meaningful strides toward recovery, and they’ve all been self-powered without divine (or governmental) intervention. Yes, there have been some head fakes in the past, but there’s real reason to believe that market turnaround awaits us. Beyond home prices, key metrics to watch include Days on Market, Percent of List Price Received and Months Supply of Inventory. Locally, several indicators showed improvement. Let’s see what the rest of our local data has to say.
New Listings in Chicagoland were down 0.7 percent for detached homes and 10.0 percent for attached properties. Listings Under Contract increased 52.2 percent for detached homes and 65.4 percent for attached properties.
The Median Sales Price was up 2.4 percent to $194,500 for detached homes but decreased 6.5 percent to $140,175 for attached properties. Months Supply of Inventory decreased 40.9 percent for detached units and 54.8 percent for attached units.
We seem to be at a critical inflection point in our attempts to spur more hiring. Job growth provides the dual benefit of stimulating new household growth as well as relieving distressed homeowners. There’s also the positive feedback loop of housing creating jobs and jobs creating housing. Keeping the affordability picture afloat, the Fed has vowed to keep interest rates around 4.0 percent through mid-2013.
Click HERE to see MRED’s Monthly Indicators Report for June 2012
[NOTE: Residential Detached and Attached single family activity only.]
Click HERE to see MRED’s Lender Mediated Report for June 2012
[NOTE: Lender-mediated properties are those marked in MRED as “Foreclosed”, “REO”, “Pre-Foreclosure” or “Short Sale”. Residential Detached and Attached single family activity only.]