Archive for the 'Market Conditions' Category

Market Conditions: Sales Fall 24.4% in September But Inventory Also Falls 18.3%

The September numbers are in from the Illinois Association of Realtors. We already know from Gary’s blog preview, that it was another month of falling sales as higher mortgage rates hit the market hard. It was the slowest September since 2019. From the Illinois Association of Realtors: In Chicago, home sales (single-family and condominiums) in […]

Market Conditions: August Sales Were the Lowest in 10 Years as Rates Rose

The Illinois Association of Realtors is out with the August sales data. As we already know from Gary’s update, sales were down again in August. But inventory remains low as well. In Chicago, home sales (single-family and condominiums) in August 2022 totaled 2,293 homes sold, down 21.4 percent from August 2021 sales of 2,919 homes. […]

Market Conditions From Redfin: Midwest Cities Cooling the Least As Rates Hit 6%+

Redfin recently put out data indicating which housing markets are cooling the most, and the least. Seattle, as you might imagine, is one of those cooling the most now that rates have hit 7%. Seattle’s median price is high and many buyers are now priced out. But in Chicago, and the Midwest, in general, housing […]

Market Conditions: July Sales Fall 27.6% to 10-Year Low as Rates Remain Over 5%

The Illinois Association of Realtors is out with the July data. We knew it was going to eventually slow as the mortgage rates rose. But boy, did it slow in July. In Chicago, home sales (single-family and condominiums) in July 2022 totaled 2,426 homes sold, down 27.6 percent from July 2021 sales of 3,350 homes. […]

Market Conditions: June Sales Fall 15.7% YoY as Higher Mortgage Rates Bite

We’re finally seeing a cooling in the red hot Chicago housing market thanks to higher mortgage rates. From the Illinois Association of Realtors: The median price of a home in the city of Chicago in June 2022 was $367,000, a 4.7 percent increase from June 2021, when it was $350,500. In Chicago, home sales (single-family […]

Market Conditions: 2nd Best May Sales in the Last 14 Years as Market Remains Tight

The Illinois Association of Realtors is out with the May market report. Chicago remains a robust market even as mortgage rates rise. It was the second best May for sales in the last 14 years. From the IAR: In Chicago, home sales (single-family and condominiums) in May 2022 totaled 3,299 homes sold, down 4.5 percent […]

Market Conditions: Luxury Sales on Record Pace as Luxury Rentals Lease Quickly

Those who bet against America’s biggest cities 2 years ago when the pandemic hit are looking rather foolish right now. New York City rents have surged to all-time highs of $4,000 a month while home sales have rebounded in every major city. In Chicago, both luxury apartments and luxury sales remain red hot despite the […]

Market Conditions: April Sales Fall 5.3% in Chicago From 2021’s Blistering Pace

The Illinois Association of Realtors is out with the April data and the market remains strong despite rising rates. In Chicago, home sales (single-family and condominiums) in April 2022 totaled 3,181 homes sold, down 5.3 percent from April 2021 sales of 3,360 homes. The median price of a home in the city of Chicago in […]

Market Conditions: March Sales Fall 3.7% YOY As Inventory Falls Another 28.7%

The Illinois Association of Realtors is out with the March data. As we already know from Gary’s data, March sales did finally show a year-over-year decline, but last March was the hottest March of the last 25 years with the exception of 2006. That means March 2022 was the third hottest March since 1997. From […]

Market Conditions: February Home Sales at 17-Year High But Will It Slow in March?

February sales remained red hot in Chicago as inventory continued to be at multi-year lows. Only 2005 was hotter for sales over the last 25 years. From the Illinois Association of Realtors: In Chicago, home sales (single-family and condominiums) in February 2022 totaled 1,879 homes sold, up 13.3 percent from February 2021 sales of 1,658 […]