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Trulia: Chicago Asking Prices Jump 16.4% in October

by Peter Thomas Ricci

Asking prices seem to be slowing down nationwide, but is that the case here in Chicago?

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October was a very positive month for Chicagoland’s asking prices, with the metro area posting some of the best numbers in the nation in Trulia’s latest Price Monitor.

According to Trulia’s analysis, asking prices in Chicagoland rose 16.4 percent year-over-year in October, and 5.4 percent from the second quarter; that latter stat was the highest among all large metro areas! Also, rents in the city were up 2.8 percent from last year.

Carmen Rodriguez, an agent with Coldwell Banker on the city’s North Side, said that she has not seen asking prices jump quite that much in her markets – and that’s a good thing.

“We don’t want to skyrocket and plummet,” she explained. “We want to steadily build sustainable markets of normal growth, inventory and turnover … We’re moving in the right direction, and part of that will include increases in list and sale prices; we can’t be anything but glad about that.”

Trulia Price Monitor – Asking Prices Slowing Down?

Nationwide, asking prices were up a bit less impressive, though the gains were all still quite positive. Prices were up 11.7 percent year-over-year and 3.1 percent quarter-over-quarter.

Jed Kolko, Trulia’s chief economist, said that though prices were up just 0.6 percent from September, there are still pronounced market reactions to the quarterly and yearly price increases.

“Although October’s asking home prices rose at the second-slowest pace in seven months, prices are still rising unsustainably fast,” said Jed Kolko, Trulia’s Chief Economist. “Even though the market is far from bubble territory, we still see the effects of fast-rising prices, including investors flipping homes and would-be sellers waiting longer to put their homes on the market.”

Interested in how our local market compared with the rest of the nation? See our graph below to find out:

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