It’s been a verifiable roller coaster ride the last couple years when it comes to housing inventory, but are we finally out of the woods?
Housing inventory in the Chicago housing market fell just 1.0 percent year-over-year in March, according to the latest State of the Market report from Movoto.
Though still a decline, January’s number is actually very encouraging, and shows that inventory likely bottomed in Chicago earlier this year. For instance, a 1 percent decline is certainly better than a 7.6 percent decline from February, which is itself better than the 10.5 percent decline of January, or the 11.5 percent decline of December, or the 12.8 percent decline of November – and don’t even get us started on the 26.2 percent decline of July 2013. So though 1 may seem bad, it’s not only relatively good, but a very good sign for Chicago’s housing market going forward in 2014!
See our chart below for some perspective on how Chicago compares with the rest of the nation: