Prices in the Chicago metro area were up 6.3% over February 2020 with “normal” market condition indicators.

Home prices posted monthly and yearly gains in January across the U.S. as well, according to the S&P CoreLogic Case-Shiller Indices.

“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

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.

For the first time since March 2020, home-price growth in urban areas surpassed that of suburban and rural locations.

“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.

The median sale price of a home in Chicago was $275,000, a 1.5% increase month over month and a 12.7% increase over last year.

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.

Brokers remain optimistic despite low inventory of homes, the ongoing pandemic and iBuyers.

It is not “first comes love, then comes marriage,” but for many women, “first comes homeownership,” according to First American Chief Economist Odeta Kushi.

Report finds luxury apartment search is at an all-time high in Chicago.

Nationally, homeowners with mortgages saw their home equity increase by 16.2% year-over-year from the fourth quarter of 2019.

It also ranks among the top 20 states in the education, opportunity and crime and corrections categories.

Lenders issued $1.06 trillion worth of mortgages in the fourth quarter of 2020 with refis contributing to the boost.

“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