Markets across the nation seem to be back on the recovery track after a brief pause. One of the more encouraging aspects of this renewed recovery is that new construction of single-family homes reached six-year highs in August, according to the U.S. Commerce Department. Consumers are also finding more listings in their search results than they have in years. Inventory is rising in many neighborhoods as higher prices have motivated more sellers to list.
New Listings in Chicagoland were up 15.9 percent for detached homes and 13.4 percent for attached properties. Listings Under Contract increased 18.7 percent for detached homes and 17.4 percent for attached properties.
The Median Sales Price was up 5.3 percent to $200,000 for detached homes and 8.6 percent to $165,000 for attached properties. Months Supply of Inventory increased 5.2 percent for detached units but was down 3.1 percent for attached units.
The departure of investors from the scene should benefit first-time homebuyers, but student debt and sluggish wage growth have slowed that transition. The economy is growing, but it’s growing at a slower pace than desired. Thankfully, inflation remains tame, partly enabling the Federal Reserve to keep rates low for longer, contrary to the forecasts of most economists.
MRED real estate professionals can login to MREDLLC.com and click on the Statistics tab to get the latest Lender Mediated and Monthly Market Indicators reports. MRED’s September Market Statistics package will be posted on Tuesday, October 21st.
Any questions? Please contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.
