MRED Chicagoland Report for October, 2014
Even while the pace of home price acceleration normalizes, housing has shown recent signs of ongoing strength. Both housing starts and future building permits are on the rise nationally. Inventory levels are increasing in most metro areas, driven higher by rising prices and more confident sellers. Homes are still selling quickly and for close to or even above list price.
New Listings in Chicagoland were up 13.7 percent for detached homes and 4.8 percent for attached properties. Listings Under Contract increased 13.4 percent for detached homes and 6.9 percent for attached properties.
The Median Sales Price was up 3.1 percent to $190,000 for detached homes and 8.4 percent to $157,250 for attached properties. Months Supply of Inventory increased 6.2 percent for detached units but was down 2.2 percent for attached units.
Interest rates remain attractive, even as Federal Reserve banter is finally hinting that quantitative easing is reaching its fateful conclusion. Capital markets have exhibited some volatility, but ultimately it’s all about earnings and growth, and corporate earnings have been encouragingly strong, while private job gains have recently exceeded expectations.
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. You can also click on the Local Market Updates choice under the Statistics tab and use our Interactive Market Analytics map for the latest local market metrics. MRED’s October Market Statistics package will be posted on Thursday, November 20th.
Any questions? Please contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.