By the Numbers

Several Chicago suburbs transition to renter-majority

Although the suburbs bring to mind the dream of home ownership new data from RentCafé reveals that burbs are up for rent! Three suburbs in the Chicagoland area are now renter-majority.

S&P CoreLogic Case-Shiller: Home-price gains set fourth record in a row

The 10-city composite index rose 1.4% on a monthly basis and 19.1% on a yearly basis, while the 20-city composite gained 1.5% monthly and 19.9% annually. 

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.

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

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

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

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

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

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.

New-home sales plummet in July

Also during the month, the median sales price rose to $390,500 from $370,200 in June, according to the U.S. Census Bureau and the Department of Housing and Urban Development.

Existing-home sales rise again in July

“Much of the home-sales growth is still occurring in the upper-end markets, while the mid- to lower-tier areas aren’t seeing as much growth because there are still too few starter-homes available.” — NAR chief economist Lawrence Yun

New-home construction falls in July

“The bright spot in an otherwise underwhelming report comes from the increase in the overall number of permits issued, which can signal how much home construction is in the pipeline.” — First American deputy chief economist Odeta Kushi

Housing affordability hits 10-year low

Just 56.6% of homes sold during the quarter were affordable to families earning the U.S. median income of $79,900, according to the National Association of Homebuilders/Wells Fargo Housing Opportunity Index.

New-home sales fall 6.6% in June

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.

Existing-home sales reverse four-month decline in June

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.

Mortgage applications fall as interest rates rise

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

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