Every past 124 weeks, median home prices have been rising, often in double digits. This stretch lasted a very long time, with his double-digit increase on top of his double-digit increase the year before.
Last week, prices finally stopped rising.
Compass agent Gro Matlin, who specializes in the North Shore, said: Given how far prices have risen and affordability has shrunk, frustrating buyers, Matlin said, “I think it’s really good for us that prices are stable.”
The last time this week’s weekly house prices fell was the week ending June 15, 2020. At this time, the closures reflected housing contracted during the early and uneasy times of the pandemic. Then came the week of 124 when prices were consistently rising. 10% or more in most cases.
So far the flatness is only one week. Weekly gains have been smaller for months due to interest rate spikes, but have yet to show a trend. A sharp slowdown in the real estate market.
November was also typically a time of market slowdown due to the summer heat. But his November in the last two years of the pandemic’s boom has been far from normal. In the same week last year, the median was up 9.9% year-over-year, and in the same week in November 2020, it was up 15.4% year-over-year.
This November, there’s something the duo didn’t have, said Sarah Ware, principal of West Loop-based Ware Realty Group. “People kept quiet because of the election,” Ware said. “Both red and blue are taking a wait-and-see pause because they think it will affect the economy.”
Lakeview-based Keller Williams agent Nico Apostal said aside from rising interest rates and the election, there is one more drag on the market, at least in Cook County. Monthly delays in property tax invoices, Bringing uncertainty to the total cost of owning a home next year is part of “what’s hampering the market right now,” he said.
The latest flat rate data is for the nine counties of the Chicago metropolitan area. In urban areas alone, house prices declined slightly or remained flat in seven of the first nine months of the year. According to regular reports from real estate agents in Illinois.
City sales are typically less than 20% of total sales for the 9-county area.