Eric Rojas, Chicago Real Estate Broker

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Tuesday, October 20, 2020

National home sales are strong going into fall season

National real estate sales are performing well this early fall season. I somewhat predicted a typical fall season slowdown figuring a bit of exhaustion from the frenzied, pent up demand of June-August and the national election cycle. The over-all market has kept up some steam in early fall.

The Midwest was the most affordable region. Low mortgage rates are an opportunity to plan and purchase a property in the Chicagoland area that will serve you for the long run.
Stuff I read in the latest National Association of Realtors report:
Four week period ending Oct 11th, 2020 (Year to Year)

- Ending OCT 11th, Contact signings are up 21% over a four week period and were up 18% the four weeks prior.

-Median days on the market is 22 days (21 days the four weeks prior)

-Single family homes affordability declined in August. That is home prices increased more than household income for a typical buyer with 20% down payment.

-Mortgage application growth slowed slightly partly due to the decline in home affordability.

-Mortgage interest rates are expected to remain around the 3% level for an extended period.

-Mortgage forbearance (percentage of loans in forbearance) has declined to a 6.32% rate.

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