Archive for the 'Market Conditions' Category

Market Conditions: Housing Sales Slump Continued in January, Falling 41.2% YOY

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 […]

Market Conditions: December Inventory Falls Further as Sales Plunge 41.2%

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 […]

Market Conditions: Chicago Inventory Falls 16.3% YOY in November

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 […]

Market Conditions: October Sales Drop 30.8% From Red Hot 2021

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 […]

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 […]