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.

Eighty-eight percent of all homebuyers said they used an agent as a source of information during their search, and 91% of millennials age 22 to 30 said the same.

“More jobs are very likely, due to the near certain passage of the $1.9 trillion stimulus package and from two million vaccinations per day.” — National Association of Realtors Chief Economist Lawrence Yun

The stimulus bill includes aid for state and local governments, new homeowners, small businesses and renters.

The all-time high for January comes as limited supply cut pending transactions on a monthly basis, the association said.

The National Association of Real Estate Brokers has joined the RE/MAX Strategic Alliances program to help grow homeownership among minority groups.

The National Association of Home Builders (NAHB) opposes the change because it would raise taxes on the multifamily housing industry and on real estate investment partnerships.