How’d the Chicago market hold up in August?
Inventory remained extremely low statewide and in the city of Chicago.
From the Illinois Association of Realtors:
The city of Chicago saw a 2.6 percent year-over-year home sales increase in August 2016 with 2,770 sales, up from 2,701 in August 2015. The median price of a home in the city of Chicago in August 2016 was $275,000, up 1.5 percent compared to August 2015 when it was $271,000.
August Sales since 2007:
- August 2007: 2923 sales
- August 2008: 2078 sales
- August 2009: 1927 sales
- August 2010: 1486 sales
- August 2011: 1787 sales
- August 2012: 2209 sales
- August 2013: 2850 sales
- August 2014: 2414 sales
- August 2015: 2701 sales
- August 2016: 2770 sales
“We saw a strong surge of late-summer buying in August which lifted sales to positive annual gains,” said Dan Wagner, president of the Chicago Association of REALTORS® and senior vice president for government relations at the Oakbrook-based Inland Real Estate Group of Companies, Inc. “The downside to this is that inventories in the city of Chicago saw a notable 14.7 percent decline, making August the fifth month in a row where we’ve seen double-digit percentage decreases in the number of homes for sale.”
Statewide, the average number of days on the market fell to 55 days from 64 days a year ago. Inventory also fell 14.8% to 64,915 homes versus 76,156 last August.
Mortgage rates remained cheaper than a year ago, with the 30-year fixed averaging 3.44%, down from 3.9% in August 2015.
“Sales recovered in August and prices continue to show positive annual gains,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “However, month-to-month sales’ forecasts suggest a downward trend for the next three months, driven in part by low inventories, the poor job recovery in Illinois and uncertainties about the presidential election.”
Do presidential elections really play a part in housing sales?
First I’ve ever heard of that excuse for a possible slowing market.
Market conditions continue to be favorable for sellers. Low mortgage rates, the stock market at record highs and a stable economy all seem to be underpinning this market.
Will the strong housing market continue into the fall market?
Illinois home sales, prices make a late-summer surge in August [Illinois Association of Realtors, Press Release, September 22, 2016]