MRED Blog

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 20^th.

Any questions?  Please contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.

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.

Most local markets continue to recover from a soft patch earlier this year. The macro trend is still positive; the micro trend involves more moderate pinching up and down the month-to-month timeline. This is not uncommon in a balanced market, but it’s been so long since we’ve seen one that we’re watching it with perhaps too much trepidation. Metrics to watch include inventory and prices, but also days on market, months’ supply and percent of list price received at sale. Declines in pending and closed sales activity may reflect strong decreases at lower price points and may not indicate softening demand.

New Listings in Chicagoland were up 4.6 percent for detached homes and 1.1 percent for attached properties. Listings Under Contract increased 4.6 percent for detached homes and 3.1 percent for attached properties.

The Median Sales Price was up 8.1 percent to $219,900 for detached homes and 9.3 percent to $177,000 for attached properties. Months Supply of Inventory increased 4.4 percent for detached units but was down 4.4 percent for attached units.

Sustained job growth, lower mortgage rates and a slow rise in the number of homes for sale appear to have unleashed at least some pent-up demand. Since housing demand relies heavily on an economy churning out good jobs, it’s encouraging to see second quarter GDP growth revised upwards to a 4.2 percent annualized rate and stronger-than-expected job growth in recent months. Further improvements are still needed by way of wage growth and consumer confidence but recovery continues.

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 August Market Statistics package will be posted on Monday, September 22nd.

Any questions?  Please contact MRED’s Help Desk at 630-955-2755 or help.desk@mredllc.com.