For residential real estate in 2017, the news has continued to provide a relativesense of calm for both buyers and sellers. The national unemployment rateregistered in at 4.1 percent for October 2017, which means that joblessness has notbeen this low in the U.S. since December 2000. Another positive, mortgage rateshave held steady at or near 3.9 percent. Historically, the average rate has beenaround 6.0 percent. These factors help to keep the pool of potential buyers full, evenduring the so-called off-season of home sales.
New Listings in the City of Chicago were up 8.4 percent for detached homes and18.6 percent for attached properties. Listings Under Contract increased 19.5 percentfor detached homes and 5.1 percent for attached properties.
The Median Sales Price was up 2.0 percent to $220,000 for detached homes and 5.7percent to $315,000 for attached properties. Months Supply of Inventory decreased13.1 percent for detached units and 0.3 percent for attached units.
Although inventory levels are low in many markets, there has largely been enoughlisting and building activity, or at least conversation about future activity, to maintaina positive attitude about the prospects of buying or selling a home. Low affordabilityhas started to become a recent topic of conversation and is worth watching. Butwith a healthy economy, level of demand and national unemployment rate, sellersare going to continue to see strong prices for their homes.