Sales continue to be anemic in 2023 as 30-year mortgage rates remain over 6%. Sales were the lowest in February since 2011, which was, gulp, during the housing bust. From the Illinois Association of Realtors: The city of Chicago saw a 37.3 percent year-over-year home sales decrease in February 2023 with 1,207 sales, down from […]
We can say one thing about January 2023 sales: at least they weren’t as bad as January 2009. They managed to stay above 1,000 in Chicago. From the Illinois Association of Realtors: The city of Chicago saw a 41.2 percent year-over-year home sales decrease in January 2023 with 1,076 sales, down from 1,831 in January […]
The Illinois Association of Realtors is out with the December data. We already know that it was another slow month from Gary’s monthly updates. From the Illinois Association of Realtors: The city of Chicago saw a 41.2 percent year-over-year home sales decrease in December 2022 with 1,425 sales, down from 2,422 in December 2021. Annual […]
We already know from Gary’s data that November’s sales were down sharply compared to last year, which was a 15-year record high. They were at the lowest since 2011’s housing bust market. All of us watching the Chicago housing market know that sales have ground to a halt thanks to higher mortgage rates. From the […]
With mortgage rates surging this fall, it’s not a surprise that October sales fell sharply but median price rose to an all-time high for October. Reminder that the median price reflects the mix of what is selling. It was the lowest number of October sales since 2011. But also notice that 44% of the sales […]
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 […]
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. […]
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 […]
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. […]
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 […]