Existing Home Sales Finally Increase
According to the NAR, sales of existing homes rose 14.5% month-over-month in February, breaking a 12-month streak of declines. This is the largest increase since July 2020.
Here are the main takeaways:
- The median existing home price fell to $363,000, down 0.2% year over year. That drop ended a 131-month streak of consecutive YoY increases, the longest streak on record.
- Properties are spending an average of 34 days on market
- Sales could have been higher, but inventory still remains a problem. Data shows only 980,000 homes for sale, which is about a two-to-three month supply of homes.
Chicago is still such a different market, we definitely feel like we are in a seller’s market, with inventory levels the lowest we have seen.
If you’re planning to buy or selling your house, work with a real estate professional so you have the expert insights you need to make the best possible move today and we would love to assist, please fill out the form below.
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