The facts of residential real estate have remained consistent in 2017. In year-overyearcomparisons, the number of homes for sale has been fewer in most locales,and homes have been selling in fewer days for higher prices. This hasn’t alwaysbeen true, but it has been a common enough storyline to make it an overarchingtrend for the year.
New Listings in the City of Chicago were down 3.2 percent for detached homes butwere up 0.4 percent for attached properties. Listings Under Contract increased 21.5percent for detached homes and 2.5 percent for attached properties.
The Median Sales Price was up 2.3 percent to $220,000 for detached homes butwas down 1.6 percent to $302,975 for attached properties. Months Supply ofInventory decreased 17.3 percent for detached units and 2.1 percent for attachedunits.
New tax legislation could have ramifications on housing. The White House believesthat the tax reform bill will have a small impact on home prices, lowering them byless than 4 percent, and could conceivably boost homeownership. The NationalAssociation of REALTORS® has stated that eliminating the mortgage interestdeduction could hurt housing, as the doubled standard deduction would reduce thedesire to take out a mortgage and itemize the interest associated with it, thusreducing demand. This is a developing story.