MRED Chicagoland Report for June, 2014
Housing seemed to have a slow start to the spring selling season, but appearances deceive. Dig into that spring soil and you begin to unearth differences in individual areas and market segments. Inventory is slowly rising in some areas. Activity is picking up in the upper price tiers. Rents continue to climb in most metros. And interest rates are generally lower than a year ago, to the surprise of some and the delight of others.
New Listings in Chicagoland were up 14.3 percent for detached homes and 12.2 percent for attached properties. Listings Under Contract increased 12.1 percent for detached homes and 8.7 percent for attached properties.
The Median Sales Price was up 4.7 percent to $225,000 for detached homes and 12.5 percent to $180,000 for attached properties. Months Supply of Inventory decreased 4.6 percent for detached units and 14.5 percent for attached units.
Housing is one part of a broader ecosystem that thrives on a strong economy that churns out good jobs. First-quarter employment figures were adequate but not thrilling, but second-quarter numbers figure to be more positive. Access to mortgage capital remains an ongoing concern. As cash and investor deals fade, first-time buyers typically step to the forefront, but tight credit can and has been a real hurdle.
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. MRED’s June Market Statistics package will be posted today.
Any questions? Please contact MRED’s Help Desk at 630-955-2755 or firstname.lastname@example.org.