The nationwide housing inventory shortage that has driven growth in prices and demand in Chicago and other major markets may be beginning to ease, according to RE/MAX’s  National Housing Report for June.

Real estate investors re-entered the housing market in a big way in the second quarter of 2021, and Chicago is at the top of the list for investor purchases, according to a new report.

With the increased number of professionals working remotely, today’s homebuyers are putting less of a premium on commute time and more on affordability.

The U.S. Census Bureau and the Department of Housing and Urban Development reported that the median sales price slid to $361,800 from $380,700 in May.

At the same time, the median existing-home price for all housing types in May was up 23.4% on an annual basis, as every region in the country registered price increases.

Meanwhile, the seasonally adjusted purchase index declined 6% from the previous week, the Mortgage Bankers Association reported.

Privately owned housing units authorized by building permits in June came in at a seasonally adjusted annual rate of 1,598,000, down 5.1 % from the revised May rate of 1,683,000, but 23.3% above the year-ago rate of 1,296,000.

July’s reading of 80 was down one point from June, but still signaled strong demand for housing, the National Association of Home Builders said.

During the four-week period ended July 11, the average weekly share of homes for sale with a price drop passed 4% for the first time since September 2020.

How luxurious is the American real estate market? You may be surprised.