November 2021
The economy is improving, unemployment is falling, and the U.S. real estate
market remains strong as we head into the holiday season, a period when activity
typically slows as people take time to travel, celebrate, and spend time with loved
ones. Although the market is not as frenetic as was seen earlier this year, buyer
demand is high, bolstered by attractive mortgage rates and a low supply of
inventory.
New Listings in Chicagoland were down 3.0 percent for detached homes and 16.2
percent for attached properties. Listings Under Contract increased 1.9 percent for
detached homes and 16.2 percent for attached properties.
The Median Sales Price was up 9.1 percent to $300,000 for detached homes and
12.2 percent to $230,000 for attached properties. Months Supply of Inventory
decreased 31.3 percent for detached units and 48.7 percent for attached units.
The most recent data from the National Association of REALTORS® reports the
median single-family existing home sales price rose 16% in the third quarter of this
year to $363,700, with all four regions of the country experiencing double-digit
price growth. In new construction, builder confidence increased in November,
surpassing analyst expectations and rising to 83 on the National Association of
Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), the highest level
since spring, despite persistent labor and supply chain challenges and a shortage
of available lots.
MRED
