Did the Chicago summer real estate market heat up like expected?
Housing inventory continues to be lower in year-over-year comparisons, and with that, home prices are still more likely to rise than not. Because of this, sales and new listings have finished the summer on the upswing.
But is the shortage of inventory causing buyer fatigue and the makings of a slow fall market?
The housing supply outlook in several markets is beginning to show an increase in new construction and a move by builders away from overstocked rental units to new developments for sale. A robust economy, solid lending practices and the potential for improved inventory from new listings and building activity are encouraging signs in an already healthy marketplace.
Will a rise in new inventory show up, will we see a continued upward trend of prices, or will we stall out until the new year?
Curious about what this activity means for your home value or purchasing power? Reach out and let’s chat.
Statistics sourced from MRED, LLC July 2018.