Category: MARKET TRENDS & STATS

Palos Park Real Estate Property Sales – November 2014

Palos Park – Property Sales for Single Family Homes

November Property sales were 5, up 66.7% from 3 in November of 2013 and 25.0% higher than the 4 sales last month. November 2014 sales were at their highest level compared to November of 2013 and 2012. November YTD sales of 65 are running -5.8% behind last year’s year-to-date sales of 69.

Would you like to know specific market activity for your neighborhood or property type? Contact us via the contact form on the right side of this site.

Homer Glen Real Estate Property Sales – November 2014

Homer Glen – Property Sales for Single Family Homes

November Property sales were 15, up 15.4% from 13 in November of 2013 and -11.8% lower than the 17 sales last month. November 2014 sales were at a mid level compared to November of 2013 and 2012. November YTD sales of 192 are running -4.0% behind last year’s year-to-date sales of 200.

Orland Park Real Estate Property Sales – November 2014

Orland Park – Property Sales for Single Family Homes

November Property sales were 33, up 32.0% from 25 in November of 2013 and 17.9% higher than the 28 sales last month. November 2014 sales were at their highest level compared to November of 2013 and 2012. November YTD sales of 375 are running -9.4% behind last year’s year-to-date sales of 414.

Would you like to know specific market activity for your neighborhood or property type? Contact us via the contact form on the right side of this site.

Coldwell Banker Residential: #1 in Chicagoland

Coldwell Banker Residential: #1 in Chicagoland in closed transactions and closed units!

We’re proud to be with the Chicagoland real estate market leader. Judy started with Coldwell Banker early in the career, and rejoined the brokerage in 2010 because of their increasing market presence, strategic marketing and professional reputation that I don’t think is offered anywhere else.

Coldwell Banker #1 in Chicagoland - transactions 2013

 

Coldwell Banker #1 in Chicagoland - volume 2013

Housing Affordability Hits Four-Year Low

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  • October 12, 2013, 5:00 AM ET

Number of the Week: Housing Affordability Hits Four-Year Low

By Nick Timiraos

16%:The average mortgage payment on the median priced home in August as a share of the median income, according to data compiled by the National Association of Realtors.

Housing affordability hit a four-year low in August amid steady gains in home prices during the spring and higher interest rates during the summer.

While the data released earlier this week show affordability has been dented, homes are still more affordable than any time between 1989 and late 2008, according to the NAR’s figures.

At prevailing interest rates in August, the mortgage payment on the median priced home stood at $851, or around 16% of the median U.S.income. By contrast, the equivalent mortgage payment one year earlier,at $683, accounted for 13.3% of the median income.

The NAR data isn’t adjusted for seasonal factors. Median home prices tend to peak in June, when there are more home transactions,particularly at the more expensive end of the market. Because the affordability figures are pegged to median home prices, the data typically show housing becoming more affordable during the winter and less affordable in the summer.

But the affordability figures show unmistakable evidence of how rising interest rates hurt housing affordability in July and August because median prices didn’t rise in those months, even as the average monthly payment went up due to rising rates. The average monthly payment rose from $787 in June to $851 in August — even though median prices fell slightly from June to August.

Monthly payments last stood above $850 in November 2008, and monthly payments as a share of income last stood at 16% in July 2009.

Mortgage rates have declined modestly since August, which means that the 16% figure could be — for this year, at least—the high watermark for the payment-as-a-share-of-income metric.

Declining affordability is a big reason why the housing market’s frenzied price gains during the first half of the year are likely to  the second half. Home sales data for September won’t be released until Oct. 21, but already there are more signs that competition for homes has eased as buyers digest the impact of higher rates.

Copyright 2013 Dow Jones & Company, Inc. All Rights Reserved

Rate on 30-Year Mortgage at Two-Year High

That is right. Increasing mortgage rates (currently at 4.51 percent) are all the more reason to buy before rates continue to increase, if you will be taking out a home loan.

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Mortgage buyer Freddie Mac said Thursday that the average on the 30-year loan jumped from 4.29 percent the previous week. Just two months ago, it was 3.35 percent — barely above the record low of 3.31 percent.

The average on the 15-year fixed mortgage rose to 3.53 percent from 3.39 percent last week. That’s the highest since August 2011.

Remember: the average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount and not all lenders charge the same fees.

Contact our great Mortgage Advisor in our full-service office, Rebecca Mott, at Coldwell Banker Home Loans / PPH. Her number is 708-364-6759 (also the number in the calendar above).

 

Chicago Area Home Sales – Best February in 7 Years

Read the full article on Chicago Real Estate Daily by Crain’s Chicago Business, here.

IAR year over year change in home sales

“The Illinois Association of Realtors said Thursday that 5,935 single-family homes and condominiums sold in the nine-county Chicago area last month, up more than 20 percent from 4,936 sales in February 2012. The month was the most active February since 6,807 homes sold in February 2006.

February also marked 20 straight months of year-over-year sales gains, an encouraging sign for local housing as it enters the busiest part of the year. Yet some speed bumps remain, including the rising number of local homeowners whose homes are worth less than their debt.

The recovery is just starting to take hold in pricing, with Chicago-area home prices rising 2.2 percent last year from 2011 but still lagging national gains, according to the closely watched S&P/Case-Shiller indices.”