Trends

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March brings rise in single-family construction 

U.S. government data shows builders increased the pace of single-family home construction while slowing the pace of multifamily starts. 

NAHB: Builder confidence rose again in April 

The National Association of Home Builders/Wells Fargo Housing Market Index rose for the fourth month in a row in April as the construction industry remained “cautiously optimistic.”     

Mortgage rates decline for fourth consecutive week

This was the fourth week in a row of declines, leaving prospective buyers hopeful for sustained low rates throughout spring homebuying season.

Renovations that can boost your bottom line

One of the best ways sellers can make their home stand out in today’s market is by upgrading their space with luxury renovations and amenities.

Optimism for spring selling season grows with third monthly rise in pending sales 

The National Association of REALTORS® Pending Home Sales Index rose for the third month in a row, suggesting the housing market’s contraction could be “coming to an end.” 

Pace of annual home-price gains slows again in latest Case-Shiller; Chicago sees 4.8% increase

In Chicago, home prices rose 4.8% year over year and dipped 0.5% month over month.

New-home sales rise 1.1% in February as median-sales price surges 

The supply of new homes for sale ticked lower from February, according to government figures.

NAR: Existing-home sales jump in February, ending a year of declines 

The annual rate of 4.58 million sales was up 14.5% from January but down 22.6% from the February 2022 rate of 5.92 million. 

Realtor.com: Week of March 26 is best time to list in Chicago

Nationally, the week of April 16-22 is likely to provide sellers with the most favorable conditions for a successful sale of any week of the year, although the exact timing varies widely by market. 

Housing starts post major gains in February 

A shortage of existing-home inventory is driving more people to the market for newly built homes. 

Seller concessions on the rise — but not in Chicago

Increased mortgage rates have sidelined many would-be buyers, allowing inventory levels to increase. As a result, buyers can now “shop around” more than during the peak of the pandemic, putting the burden of concessions back on sellers.

Builder confidence rises again in March 

Homebuilders expressed “cautious optimism” that the lack of existing inventory would drive demand for new homes despite high construction costs and interest rates, the National Association of Home Builders reported.    

‘Million-dollar cities’ are much less common now than they were six months ago

There are 58 less million-dollar cities in the U.S. than there were in July of last year, according to a new report from Zillow.

MBA: Mortgage applications rise 7.4% despite increased rates 

The Mortgage Bankers Association noted the increase in borrowing activity came despite the 30-year fixed mortgage rate climbing to its highest level since November 2022. 

Chicago home-price growth among nation’s highest in new CoreLogic report

In January, home prices were up 5.5% annually and down 0.2% monthly, CoreLogic reported, citing its monthly Home Price Insights report. 

Report: Average home changes hands every 12 years

People staying in their homes longer is contributing to the lack of inventory that continues to impact buyers.

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