Current Market Data
Nationally, existing-home sales finished the month of April some 0.4 percent below last month's rate and 4.4 percent lower than April 2018. But those same figures looked brighter when researchers zeroed in on Chicagoland.
Metro market prices were up 3.9 percent year-over-year in the first quarter of 2019 nationally, increasing at a slower pace than the previous quarter. But that 3.9 percent gain was matched perfectly in the Midwest, where the median existing single-family home price made it up to $194,100.
As the economy has improved, more Cook County residents may be ready to make the transition from renting to owning their homes. A recent report on housing trends in Chicagoland found that after peaking in 2015, the number of renter households in the county decreased by 20,911 in 2017 while owner households increased by 14,759.
Industry confidence in the single-family housing market for older adults reached an all-time high last quarter. However, while employment is also surging, residential construction is one area to which workers are not flocking.
In national real estate news, we have the first indication that home price increases have hit negative territory, economists disagreeing about why that might be and a new hire at NAR.
Using these two sets of data released Tuesday, the market’s outlook for the next few months seems to be good, since pending home sales have been increasing and home price growth has been decreasing.
Although disappointing on its face, the news that sales activity declined in March compared to an unusually strong February wasn’t a shock to housing market experts.
See how 2019 started out with our first quarterly release of Real Data.
Housing inventory rose to a 4.4-month supply, an increase from both last month’s 3.4 months and last year’s 3.2 months. Chicagoland inventory is also higher than the national supply of 2.7 months.
Find out what Chicago Agent magazine readers who work in the luxury business have to say about their clients, transactions and trends in the market.