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.
WHO IS RI PRASAD LUXURY GROUP?
We are one of Chicago’s leading providers of comprehensive real estate services. We are home to an ever-growing team of savvy & reputable local realtors who are community leaders, and customer-service-oriented staff. Whether you’re looking to find a new home, sell your home, or invest in your future; let us be your trusted real estate advisors.
“Real Estate isn’t just a profession, it is truly a obsession” - Ri Prasad