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April 30, 2012

The Spring Sales Season Arrived Early in the Chicago Metro Market

Despite continued weakness in the U.S. housing market – according to the latest March numbers of several leading housing indicators (e.g., NAR’s existing homes sales, Census’s new housing starts and new home sales), signs of a housing pick-up in the Chicago metro areas are emerging earlier this year.

Rising Inventory and Owners’ Asking Prices: First, as early as February, Chicago’s single-family homes listings were up 8.0% from the previous month, accompanied by a 1.5% increase in median listing prices to reach $175,000. Then in March, listings jumped by another 13%; likewise, the median listing price rose 2.4% from February to $179,200.

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