More of Same: No Inventory, Higher Prices, Affordability All-Time Low
Nationwide Real Estate Stats for June 2024
U.S. existing-home sales declined for the third consecutive month, as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year. According to the National Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7% month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate of 4.11 million units. Total housing inventory grew 6.7% month-over-month to 1.28 million units heading into June, for a 3.7 months’ supply at the current sales pace, according to NAR. However, the increase in supply has yet to temper home prices, which have continued to rise nationwide.
Chicago Stats June 2024
New Listings in the City of Chicago were down 18.3 percent for detached homes and 3.7 percent for attached properties. Listings Under Contract decreased 6.5 percent for detached homes and 0.1 percent for attached properties.
The Median Sales Price was up 9.0 percent to $365,000 for detached homes and 4.0 percent to $390,000 for attached properties.
Months Supply of Inventory decreased 10.3 percent for detached units and 6.2 percent for attached units
