In Chicago, the median sales price of a single-family home jumped 16% on a year-over-year basis to $303,500, the NAR said, citing its quarterly report. 

“This is a sign that the competitive purchase market, driven by low housing inventory and high demand, is pushing prices higher and weighing down on activity.” — Mortgage Bankers Association Associate Vice President of Economic and Industry Forecasting Joel Kan

The mentee will receive training in day-to-day business operations, such as marketing, appraisal, IT and financing. They’ll also attend live events and mentorship meetings.

The 2021 REACH recipients have collectively raised more than $700 million in capital, employ more than 125 people and represent a valuation of more than $1 billion.

“There is a lack of resources available to people who may have lived in a certain community their entire life…we were not educated on the financial vehicles available to us.” — CAR President Nykea Pippion McGriff

“One year into the coronavirus pandemic, it’s clearer than ever that this event did not dampen the enthusiasm for homeownership at all.” — MORe CEO John Gormley

With the lowest level of inventory in nearly 40 years, the 2021 spring market has homebuyers facing a level of competition not seen in a generation.

“A credit report and credit score are the gateway to a mortgage,” — NAR President Charlie Oppler.

The National Association of Home Builders published the results of its Special Study for Housing Economics, highlighting the 2020 annual census of who makes up its members.

The two real estate associations are teaming up to make a variety of services available to each other’s members.

In an industry where women outnumber men almost two to one, there’s still work to be done, according to three of Chicagoland’s top women broker-owners at a forum held by the Chicago Association of Realtors in recognition of Women’s History Month.

“The demand for a home purchase is widespread, multiple offers are prevalent, and days-on-market are swift, but contracts are not clicking due to record-low inventory.” — NAR Chief Economist Lawrence Yun

The National Association of Realtors sends a message to members that it is working to ensure that the proposed Protecting the Right to Organize Act will not hurt their status as independent contractors.

Much of the year-over-year increase in home sales was supported by continued robust activity in the Southeast, which saw a 20.2% rise to an annual rate of 458,000 transactions.

“Despite the drop in home sales for February — which I would attribute to historically-low inventory — the market is still outperforming pre-pandemic levels.” NAR Chief Economist Lawrence Yun

Chicagoland detached homes spent 78 days on the market, and attached homes were on the market an average 67 days.