iMove Chicago- Real Estate Rentals and Sales

Pending home sales held back by supply shortage

July 1,2023 | By ERICKSON J OCASIO

Contract signings remained stalled as buyers wait for new listings in the housing market. Pending home sales remained sluggish in May, hindered by a dearth in housing supply, the National Association of Realtors said Thursday. The pending home sales index fell to 76.5 in May, down 2.7% month over month and 22.2% lower than a year ago, NAR’s latest report revealed. Consensus forecasts expected pending home sales to remain flat. NAR chief economist Lawrence Yun noted that the lack of inventory continued to prevent housing demand from being fully realized. “It is encouraging that homebuilders have ramped up production, but the supply from new construction takes time and remains insufficient,” Yun said.

Home equity downturn persists for the second straight quarter

May 5,2023 | By ERICKSON J OCASIO

Home equity downturn persists for the second straight quarter "The best of the boom may be behind us". Almost half of US mortgaged homes were considered equity-rich in the first quarter, according to the findings of ATTOM's new home equity and underwater report. About 47.2% of mortgage residential properties were equity-rich in Q1, slightly down from 48% in Q4 2022. This drop marked the second consecutive quarterly decline in home equity, following 10 straight increases. "The equity downturn, small as it was, stood as the latest indicator of how a decline in home prices across much of the country has started to affect homeowners following a decade-long market boom," CoreLogic noted in the report. "It comes as home-seller profits have slid to their lowest point in two years." Meanwhile, 3% of mortgaged homes, or one in three, we

US home prices fall

March 3,2023 | By ERICKSON J OCASIO

It's a first since 2012. US home prices hit a turning point last month, dropping from a year ago for the first time since 2012, according to Redfin Corp. In the four weeks through Feb. 26, the median price for a typical home was $350,246, down 0.6% from the same period a year earlier, the brokerage said Thursday. The surge in borrowing costs last year slammed the brakes on the housing market, sidelining buyers and slowing sales. While price declines could bring some slight relief to consumers, higher mortgage rates are squeezing affordability and a lack of homes for sale could limit how far prices will fall. “Prices falling from a year ago is a milestone because it hasn’t happened since the housing market was recovering from the 2008 subprime mortgage crisis,” said Taylor Marr, Redfin’s deputy chief economist. “Prices will prob

Home prices continue to rise in 90% of US metros

February 12,2023 | By ERICKSON J OCASIO

But a slowdown is underway. Home prices in nearly 90% of US metro markets recorded gains in the fourth quarter of 2022 despite mortgage rates exceeding 7%, according to the National Association of Realtors’ latest report. The national median single-family home price rose 4% to $378,700 compared to a year ago, although the year-over-year price appreciation slowed compared to the Q3 pace of 8.6%. NAR chief economist Lawrence Yun noted these cost increases have eclipsed wage increases (up 15%) and consumer price inflation (up 14%) since 2019. “A slowdown in home prices is underway and welcomed, particularly as the typical home price has risen 42% in the past three years,” Yun said. “Far fewer metro markets experienced double-digit price gains in the latest quarter.” Among the US regions, the South saw the largest share of single-family home sal

Single-family home price growth slows, echoing sales downturn

January 18,2023 | By ERICKSON J OCASIO

"The resulting affordability pressures are evident in the home price declines of the past two quarters" Single-family home prices in the United States increased at a non-seasonally adjusted annual rate of 9.2% in Q4 2022, according to the latest Home Price Index (FNM-HPI) reading from Fannie Mae. This marks a decrease from the previous quarter’s annual growth rate of 13.1%. On a quarterly basis, home prices rose a seasonally adjusted 0.2%, just above the 0.1% growth seen in the previous quarter. However, on a non-seasonally adjusted basis, home prices declined by 1.0% in Q4 2022. Mark Palim, Fannie Mae vice president and deputy chief economist, attributes the recent decline in home prices to the rise in mortgage rates over the past year and record inflation, which has constrained the purchasing power of prospective homebuyers. “The resulting afforda

Pending home sales hit second lowest reading in two decades

January 3,2023 | By ERICKSON J OCASIO

Record high-interest rates "drastically cut" into the number of pending home sales. Pending home sales posted the second-lowest monthly reading in two decades amid a high-interest-rate environment, according to the National Association of REALTORS. NAR’s Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – fell 4% for the sixth straight month to 73.9 in November. Compared to November 2021, contract activity levels were down by 37.8%. &nbs

Record home prices plateau as housing market "recalibrates"

January 3,2023 | By ERICKSON J OCASIO

US home price appreciation remains flat nationwide. US home prices have finally stalled, posting two straight months of near-zero appreciation. The Federal Housing Finance Agency reported house prices experienced a 0.0% change in October. Price gains began slowing down to a 0.1% pace in September and decelerated to a single-digit rate for the first time in two years (+9.8% year over year in October). “Higher mortgage rates continued to put downward pressure on demand, weakening house price growth,” said Nataliya Polkovnichenko, supervisory economist in FHFA’s research and statistics division. “The US house price index growth decelerated as it posted the first 12-month growth rate below 10% after 24 consecutive months of double-digit appreciation rates.” On a seasonally adjusted basis, month-over-month house price gains in the nine census div

Pending home sales held back by supply shortage

Home equity downturn persists for the second straight quarter

US home prices fall

Home prices continue to rise in 90% of US metros

Single-family home price growth slows, echoing sales downturn

Pending home sales hit second lowest reading in two decades

Record home prices plateau as housing market "recalibrates"

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