MRED Chicagoland Report for October, 2015
Transitory periods in the market are common this time of year, and after a persistent period of steady year-over-year climbs in sales metrics, recent low national numbers have not fulfilled what many predicted. But on a positive note, jobless claims have also been at low levels, coming in as the lowest number since 1973. As always, every market and situation is unique, so some numbers seen in national trends may not always line up with local markets.
New Listings in Chicagoland were down 1.4 percent for detached homes and 1.2 percent for attached properties. Listings Under Contract increased 15.3 percent for detached homes and 14.9 percent for attached properties.
The Median Sales Price was up 6.8 percent to $203,015 for detached homes and 6.4 percent to $167,000 for attached properties. Months Supply of Inventory decreased 20.0 percent for detached units and 19.5 percent for attached units.
Interest rates are an area to pay attention to as rate hikes are widely expected before the year ends. The Federal Reserve Bank has skipped two opportunities to raise rates this fall, but the final meeting in December will likely include a minor rate hike. Although we are headed into a slower time of year, as housing activity goes, there are still many nuggets of optimism to mine from monthly figures.
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.
Any questions? Please contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.