MRED Chicagoland Report for May, 2014
Some have noted a slight pause in the housing recovery this year. The American Dream of home ownership is alive and well, but it must still contend with market fluctuations. Buyers need homes for sale if they’re expected to buy said homes. They also need reliable financing, better jobs and stronger wage growth. The opportunities are out there. Now we need people to take advantage of them.
New Listings in Chicagoland were up 13.6 percent for detached homes and 7.7 percent for attached properties. Listings Under Contract increased 10.7 percent for detached homes and 10.3 percent for attached properties.
The Median Sales Price was up 8.9 percent to $207,000 for detached homes and 16.7 percent to $175,000 for attached properties. Months Supply of Inventory decreased 9.6 percent for detached units and 20.1 percent for attached units.
We’ve had a mixed bag of economic news lately. As expected, national GDP contracted slightly during Q1-2014, which most economists attribute to impermanent factors like the harsh winter. We’ve now had more than four straight years of monthly private sector job growth. It hasn’t been extraordinary growth, but it sure beats mass layoffs. Buoyed by an improving sales mix, home prices continue their ascent despite erratic demand indicators. More inventory, more high-skilled job growth, and less economic and political uncertainty are still top priorities.
MRED real estate professionals can log into MREDLLC.com and click on the Statistics tab to get the latest Lender Mediated and Monthly Market Indicators reports.
Any questions? Please contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.