Current Market Data
Should you wait until spring to put your home on the market? A recent Realtor.com report says, not necessarily.
Thirteen of the 15 states with the lowest percentages of equity-rich properties in the third quarter included Illinois.
Among those who chose to leave Illinois, we wonder: where are they moving to? Stacker has released a detailed list, based on the info from the U.S. Census Bureau.
According to real estate data provider ATTOM, foreclosure filings, which include default notices, scheduled auctions or bank repossessions, rose 5% in October on a monthly basis and 76% from October 2020, to 20,587 filings.
Seventy-eight percent of the 183 U.S. markets monitored by the National Association of Realtors had double-digit increases in their median home prices, a decline from the second quarter, when 94% of markets saw double-digit increases.
The supply of affordable homes on the market rose a record 13% in the third quarter as mortgage forbearance programs ended, prompting low-cost homeowners to put their properties on the market.
“Mortgage rates decreased for the first time since August, as concerns about supply-chain bottlenecks, waning consumer confidence, weaker economic growth and rising inflation pushed Treasury yields lower.” — MBA associate vice president of economic and industry forecasting Joel Kan
Millennials are purchasing houses — finally. Over the past year, millennials made up the largest share of homebuyers: 37% according to Barron’s.
Boston and Raleigh had the highest bidding-war rates, as the rate fell to a 2021 low.
“Contract transactions slowed a bit in September and are showing signs of a calmer home price trend, as the market is running comfortably ahead of pre-pandemic activity.” — NAR chief economist Lawrence Yun
Home-price gains were once again broadly distributed, as all 20 cities in the S&P CoreLogic Case-Shiller Home Price Index rose, although in most cases at a slower rate than a month ago.
At the same time, the increase in interest rates drove fewer borrowers to refinance their loans, according to the Mortgage Bankers Association.
The month also saw a slight shift in inventory, even though shortages continued.
“There simply aren’t enough homes for sale relative to the demand fueled by millennials armed with low mortgage rate-driven house-buying power.” — First American Deputy Chief Economist Odeta Kushi
The Windy City wasn’t the only Illinois community on the 2021 list. Rockford, as well as the the Quad Cities area of Iowa and Illinois also made the rankings.
The median existing-home price for all housing types in September was $352,800, up 13.3% on an annual basis, as every region in the country registered price increases.