Current Market Data
As housing costs have continued to grow faster than the average buyer’s income, more are tapping into resources that can lower the substantial up-front costs of purchasing a home. But that could bring some major changes and a degree of uncertainty to the housing market.
While sales of existing homes continue to underwhelm, housing market analysts are feeling more optimistic about new construction. The Census Bureau reported new-home sales in June came 7 percent above the revised sales pace for May, and 4.5 percent above the estimate for June 2018. The report did come with caveats, however.
Opportunities for Illinois homebuyers have increased as home sales trended lower in June and median prices stayed relatively flat, according to data from Illinois Realtors. However, one factor that doesn't favor buyers is the fact that inventory remained low.
The national existing-home market nearly gave up the ground won in May with a less-than-stellar showing for June sales, according to the National Association of Realtors. Sales of existing homes in June came in 1.7 percent below the previous month’s total, reaching a seasonally adjusted annual pace of 5.27 million.
Weakening home sales, a sluggish new construction market and slowing growth in permitting for home improvement projects have all impacted the pace of remodeling, particularly projects undertaken with the goal of putting properties on the market for a quick sale.
Once again it’s time to check in on the people and offices with the most activity in Chicagoland real estate. Get a quick glance of the people and offices who made waves in Q2 or dig deep into the full lists of the top 20 agents, offices and highest single-family closings in each of the six counties we cover.
High land and labor costs have tempered optimism that might otherwise accompany low mortgage rates and an economy that’s been strong overall. But there are also some encouraging signs on the horizon.
RE/MAX's June 2019 Housing Report for Chicagoland shows overall indicators of slower sales and moderately increasing prices. But the view depends a great deal on which county you’re selling in.
A new study finds that, since 1960, median home prices have climbed by 121 percent, and household incomes rose less than one fourth as fast. But digging into the data in Chicagoland, a more nuanced picture emerges.
Money woes have become a bigger obstacle for those looking to break into homeownership than they were two years ago. Also, somewhat surprising data about the proportion of first-time buyers shopping for homes in rural areas.