Category: Market conditions

Chicago Real Estate Market Update: Home Sales Set 15 Year Record In May

Chicago Real Estate Market Update: Home Sales Set 15 Year Record In May
The Chicago real estate market continued its record setting pace in May, hitting a 15 year high in closed sales. You can clearly see it in the graph below, which has all the May values flagged in red. Also, note that the green 12 month moving average is higher than it has been in 14... Read more »

Case Shiller: Chicago Only Metro With Single Digit Home Price Appreciation

Case Shiller: Chicago Only Metro With Single Digit Home Price Appreciation
Let’s say you’ve been planning on leaving the Chicago area for another city. Well, yesterday’s release of the March CoreLogic Case Shiller home price indices by S&P Dow Jones says you’re basically screwed. Actually, it’s been saying that for a while but yesterday’s release really rubs your nose in the fact that the cost of... Read more »

Best Outlook For National And Chicago Area Home Prices In A Decade

Best Outlook For National And Chicago Area Home Prices In A Decade
This blog post is a bit overdue but I’ve been distracted lately. Last month Zillow and Pulsenomics came out with their 1st Quarter 2021 Home Price Expectations Survey for the nation and the results were a bit more optimistic than we’ve seen in a little more than a decade. Because this is the first quarter... Read more »
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Sizzling Hot Chicago Real Estate Market Had Record Sales In April

Sizzling Hot Chicago Real Estate Market Had Record Sales In April
I think April had record sales but I can’t be entirely sure. Check out the graph below (all the April values are flagged in red) and notice that last month was slightly lower than April 2005. However, all the April 2005 sales are posted after 16 years but there are still a few April 2021... Read more »

Case Shiller: Chicago Area 7 Year Record Home Price Appreciation Disappointing

Case Shiller: Chicago Area 7 Year Record Home Price Appreciation Disappointing
S&P Dow Jones released the February CoreLogic Case Shiller Home Price Indices this morning which show that the nation’s single family home prices rose 12.0% over the previous year, compared to 11.2% for the 12 months ending in January. That was the highest year over year appreciation rate in 15 years. Alas, the Chicago area... Read more »

Despite Moratorium Chicago Foreclosure Activity Hits A One Year High

Despite Moratorium Chicago Foreclosure Activity Hits A One Year High
The ATTOM Data Solutions Q1 2021 Foreclosure Market Report released yesterday provided a bit of insight into what is going on with Chicago’s and the nation’s foreclosure activity in the era of a perpetual moratorium on foreclosures. The latest extension of the moratorium moved it out to June 30 but it’s likely to get extended... Read more »
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Chicago Real Estate Market Was On Fire In March

Chicago Real Estate Market Was On Fire In March
First, let me be clear that closings in the Chicago real estate market were not depressed in March of last year. In fact, sales were up 2.8% over the previous year because those contracts had been written mostly in February and earlier, before things got ugly. So, when I tell you that closings this March... Read more »

Almost A 7 Year Record, Chicago Area's Home Price Gains No Match For Rest Of Country

That shortage of homes for sale is really beginning to impact home prices – as you would expect. The graph below shows the historic year over year increases for both single family home and condo prices in the Chicago area and you can see how they’ve really taken off recently. S&P Dow Jones released their... Read more »

Chicago Foreclosure Activity Slowly Drifting Up But Remains Low

Here’s just a quick update on Chicago foreclosure activity. Remember that, for all practical purposes, we are in the middle of an indefinite moratorium on foreclosures. It keeps getting extended because of all the people left unemployed from the pandemic. So it’s no surprise that every month the answer is pretty much the same, though... Read more »
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Chicago Real Estate Market Update: Sales Up Again, Inventory Ridiculously Low

Hmmm. After looking at the February data I’m thinking that maybe the Chicago real estate market really is doing something more than simply making up for the lost activity during the initial lockdown when the pandemic first hit. Maybe we really have entered a bull real estate market, though the bull may be losing a... Read more »