The May 2024 housing market data reveals significant fluctuations in home sales, prices, inventory levels, and new construction activities. As we navigate through 2024, the housing market continues to present a mixed bag of trends and challenges. For Illinois residents and those involved in the real estate sector, understanding these dynamics is crucial for making informed […]
In a remarkable turn of events, the U.S. housing market has skillfully sidestepped the looming threat of a catastrophic crash, sparking widespread interest and fueling fervent discussions among experts and enthusiasts alike. This dynamic and ever-shifting terrain has emerged as a central focal point of contemplation and analysis, captivating the attention of those vested in […]
As inflation soars and loan applications plummet, real estate analysts are starting to see evidence of a buyers’ market in 2022. For the past several years, many real estate analysts considered the housing market to be a ‘seller’s market’. In the real estate world, home prices rose, interest rates fell, and demand reached one of […]
As previously mentioned, 2021 marked one of the best years for real estate in recent memory. After the coronavirus pandemic stifled home sales throughout the country, the real estate market rebounded at a quicker pace than anticipated. However, the real estate market still deals with longstanding housing inventory challenges. In addition, rising home prices and […]
After a strong performance towards the end of 2021, existing home sales experienced an unanticipated decline in December. Thus, home sales fell 5% from November to December 2021. However, the United States real estate market realized a massive 8.5% improvement over 2020. In doing so, existing home sales achieved their best year since 2006. Drop […]
In the United States housing sector, home buyers face strong barriers heading into 2022. While December 2021 saw major FHFA changes, housing starts and home sales remain competitive. Home Buyers Face Strong Barriers to Entry in Housing Inventory In 2022, home buyers face strong barriers in the real estate market. The first major barrier stems […]
2021 represented a banner year for real estate, leaving many to inquire about 2022 mortgage rates. Last year, mortgage rates hovered around record low numbers. Real estate experts largely attributed this to the prevalence of the coronavirus pandemic, and its numerous variants. Factors Driving Up 2022 Mortgage Rates The United States real estate market faced […]
The latest data shows that inflation continues its epic climb while home sales rapidly recover across the country. As a result, the outlook on economic growth and future Fed policy remains stagnant. The Fed stated that their core PCE target is 2.0%. In May 2021, core PCE rose 3.4% higher than a year ago. While […]
Economy Gains Jobs; Unemployment Drops In March, the economy gained 916,000 jobs and revisions added 156,000 more. Strength was seen in the hospitality and construction sectors. The unemployment rate dropped from 6.2% to 6.0%. Average hourly earnings, an indicator of wage growth, fell slightly. They were 4.2% higher than a year ago, down from 5.2% […]
Recent reports have continued to show reasons for positivity related to the economy in job growth and inflation, but many investors continue to worry about the long-term effects leading into the rest of the year. Mortgage Rates Continue to Rise Mortgage rates have been on an upward path this year and stronger-than-expected economic data has […]