Real Estate contract signings are at their highest level since February 2023

𝐖𝐡𝐚𝐭'𝐬 𝐡𝐚𝐩𝐩𝐞𝐧𝐢𝐧𝐠 𝐢𝐧 𝐭𝐡𝐞 𝐑𝐞𝐚𝐥 𝐄𝐬𝐭𝐚𝐭𝐞 𝐌𝐚𝐫𝐤𝐞𝐭?

“Consumers appeared to have recalibrated expectations regarding mortgage rates and are taking advantage of more available inventory,” says NAR Chief Economist Lawrence Yun. “Mortgage rates have averaged above 6% for the past 24 months. Buyers are no longer waiting for or expecting mortgage rates to fall substantially. Furthermore, buyers are in a better position to negotiate as the market shifts away from a seller’s market.” (Note: in Chicagoland, this is very market specific as some markets are still very much a seller's market)

Several recent housing indicators have painted a healthier picture of the market:

- Existing-home sales jumped 5% annually in November.

- The median home price has climbed 4.7% year over year.

- The number of existing homes on the market is up nearly 18% from a year ago.

- New-home construction for single-family homes rose 7% annually in November.

Still, “some markets will outperform, driven primarily by local job gains and the flow of new inventory supply,” Yun says.

Thinking of selling or buying the Chicago suburbs? Contact The Glockler Group who has been successfully helping sellers and buyers since 1978! Unrivaled expertise and client service.

(708) 480-2011

(source: NAR, REALTOR® Magazine)