MRED Chicagoland Report for November, 2014
With 2015 near, some are pontificating about a potential change in interest rates. With virtually no inflation, rates will likely remain low for most of 2015 but could flirt with 5.0 percent toward the end of next year. Construction permits and housing starts have upward momentum, which is news in some areas but familiar in others. Prices should continue their ascent but at a tempered pace compared to recent years, which helps preserve affordability for first-time buyers.
New Listings in Chicagoland were up 2.5 percent for detached homes and 4.7 percent for attached properties. Listings Under Contract increased 9.3 percent for detached homes and 8.9 percent for attached properties.
The Median Sales Price was up 5.7 percent to $185,000 for detached homes and 10.0 percent to $154,000 for attached properties. Months Supply of Inventory increased 5.3 percent for detached units but was down 2.2 percent for attached units.
It has largely been another recovery year in 2014, yet mortgage credit and student debt remain obstacles even as the U.S. leads the global economy toward recovery. As this recovery matures, many metrics are approaching a healthy balancing point. Rates have remained much lower than most forecasters expected, and inventory levels finally started rising in most areas as sellers generally listed more properties as a result of stronger prices. Job growth should continue and wage growth is expected to pick up.
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 November Market Statistics package is scheduled to be posted this Monday, December 22nd.
Any questions? Please contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.