Saturday, July 23, 2022

City of Chicago sees slowing real estate activity in June 2022, prices still up

Chicago Association of Realtors City of Chicago numbers show the slowing real estate action in June 2022 (year over year).  New listings, existing listings, closings were down.  Median prices were up slightly and market times were down. 

The grip of rising mortgage interest rates may have slowed purchase activity and closings year over year. However this has been little relief to Chicago buyers facing high home prices and stiff buyer competition.  

Anecdotally speaking it remains difficult to secure single family homes for our buyers without a a multiple offer bidding war. New listings may be up about 6% this June compared to last but June/ July trickle of expensive listings is still frustrating for buyers.

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