The median age of inventory in Chicago is 57 days, down from 81 before the pandemic began.

Looking ahead, CoreLogic expects national year-over-year appreciation to slow to 3.9% by September 2023. 

The technology survey offers insights into how Realtors value technology and use social media.

The Atlanta-based homebuilding giant will replace the outgoing executive with its senior vice president for field operations. 

September is the fourth month in a row to see declining sales activity. 

A 30-year fixed-rate mortgage rose to 7.08% this week from 6.94% a week ago, Freddie Mac reported. A year ago, the average mortgage carried a 3.14% rate. 

Mortgage rates continued to weigh on homebuyers in September, following a brief uptick in new-home sales in August.  

At the same time, mortgage applications declined 1.7% on a seasonally adjusted basis on a week-over-week basis, according to the Mortgage Bankers Association. 

In Chicago, home prices posted an 11.3% year-over-year gain in August, compared to a 12.7% gain in July. Month over month, prices fell 0.5%.

As fall wears on, the local market shows continued seasonal cooling, according to the latest snapshot from CAR.

Chicago home values have also rose above affordability norms.

Illinois homes stayed on the market for the same amount of time during September 2022 and 2021 — 25 days on average — even as prices rose.

The only other time the market saw such change was at the beginning of the pandemic. 

Month over month in September, existing-home sales slid 1.5% to 4.71 million, which is 23.8% lower than the year before. 

New data from the Mainstreet Organization of REALTORS® offers a positive look at the Chicagoland real estate market.

New home construction missed analyst estimates in September, falling 8.1% month over month to an annual rate 1,439,000 homes, according to government statistics.