In much of the country, both new and existing home sales increased in January. This continues a trend first noticed in an extremely busy December, and also signals we are seeing more than just a post-election and World Series bump.
Indeed, Chicago came out of the gates blazing in January, better than any other January in about a decade. Buyers are aware of rising interest rates and are prepared to rush to showings, make decisions and write offers. This has caused prices to rise in year-over-year comparisons, and these higher prices and extremely low inventory in many neighborhoods have really put pressure on buyers.