Trends

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Demand for second homes fell 19.3% in August
Demand for second homes fell 19.3% in August

Fewer buyers were looking for vacation homes in August, as the demand for second homes dropped for the third month in a row.

New-home sales rise in August
New-home sales rise in August

The seasonally adjusted estimate of new houses for sale at the end of July was 378,000, representing a supply of 6.1 months at the current sales rate.

Could remote work fuel housing demand for years to come?
Could remote work fuel housing demand for years to come?

Last year’s en-masse move to remote work has driven what Zillow has dubbed the Great Reshuffling, as homeowners working from home have paused and reevaluated where and how they live.

Surge in multifamily construction drives housing starts in August
Surge in multifamily construction drives housing starts in August

The increase was driven by a 21.6% month-over-month spike in the rate of new multifamily construction. Single-family housing starts, meanwhile, slid 2.8%.

NAHB: Builder confidence posts first monthly gain in four months
NAHB: Builder confidence posts first monthly gain in four months

September’s reading of 76 was up one point from August, despite lingering challenges with labor and the building-material supply chain, the National Association of Home Builders reported, citing the latest NAHB/Wells Fargo Housing Market Index.

RE/MAX: Home sales, prices decline in August
RE/MAX: Home sales, prices decline in August

Month over month, home sales were down 3.5%, and the median sale price declined 1.2% to $335,000.

Redfin: Outflow of Chicago residents slowing
Redfin: Outflow of Chicago residents slowing

Wonder where Chicago residents are headed? You might be surprised.

Illinois ranks first among states with the highest foreclosure rates in August
Illinois ranks first among states with the highest foreclosure rates in August

Illinois had the highest foreclosure rate in the nation in August 2021, according to new data from ATTOM’s U.S. Foreclosure Market Report.

August pending-home-sales growth slowest since June 2020
August pending-home-sales growth slowest since June 2020

Pending home sales in August rose just 9%, the slowest growth since June 2020, according to a new Redfin report.

Pending home sales up 6% from 2020 despite dwindling listings
Pending home sales up 6% from 2020 despite dwindling listings

A decline in new home listings has had little impact on the market as far as demand is concerned, according to a recent Redfin report.

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