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Explore the latest housing insights brought to you by EFA! Zillow’s January 2024 Housing Report unveils nationwide trends and an exclusive peek into the dynamic Chicago market. Whether you’re a buyer or seller, brace yourself for a competitive spring ahead! Here’s a glimpse of what the report uncovers for Chicago: Average home value currently sits at $302,595, marking a slight decrease of .39% from the previous month. New listings have surged by an impressive 6.9% compared to this time last year while the total inventory has dropped over 15% making for a tight market! For a deeper dive into the data, check out the full report including specifics on markets across the US: https://lnkd.in/gdfgrZ3Q

Constrained inventory continues to be a key theme in the housing market this year, with tight supply pushing home prices up and compelling bidding wars in some markets. This recent article looks at whether anything will move the needle on existing home inventory in the near future. If you have any questions, please don't hesitate to reach out. #housingmarket #realestate

Could spring buying season be enough to pull the housing market out of its activity slump? With net new listings and contract volumes trending at historical lows, many are cautiously optimistic at best. Check out more key insights from our latest #MarketPulse Report featured in Mortgage Professional America.

Home prices are starting to cool as active listings jump by 35%, signaling a shift in the housing market.   Important takeaways for consideration:   Listings Rise: A 35% increase in active listings is providing more options for buyers and cooling off price surges. Buyers Benefit: Cooling home prices may create more favorable conditions for potential buyers. Sellers Strategy: For sellers, understanding these market dynamics is crucial for setting competitive prices and expectations. https://lnkd.in/egHWi_vg

Home prices are starting to cool as active listings jump by 35%, signaling a shift in the housing market.   Important takeaways for consideration:   Listings Rise: A 35% increase in active listings is providing more options for buyers and cooling off price surges. Buyers Benefit: Cooling home prices may create more favorable conditions for potential buyers. Sellers Strategy: For sellers, understanding these market dynamics is crucial for setting competitive prices and expectations. https://lnkd.in/egHWi_vg

With half of the year in the rearview mirror, the latest National Association of REALTORS® existing home-sale report captures a snapshot of the 2023 #housingmarket to date. This year's theme? Climbing home prices – including the second-highest median price of all time in June – combined with pent-up demand and low inventory. "There are simply not enough homes for sale," summarizes NAR Chief Economist Lawrence Yun. "The market can easily absorb a doubling of inventory." Read more: https://lnkd.in/gZtTaQfs

Why home prices are still rising even as inventory recovers - https://lnkd.in/gyYdV2w7 Anyone out shopping for a home today knows there is still precious little for sale.The housing market is just beginning to come out of its leanest few years in history. Inventory of both new and existing homes is finally rising, but there is something suddenly strange in the numbers:

Home prices are starting to cool as active listings jump by 35%, signaling a shift in the housing market.   Important takeaways for consideration:   Listings Rise: A 35% increase in active listings is providing more options for buyers and cooling off price surges. Buyers Benefit: Cooling home prices may create more favorable conditions for potential buyers. Sellers Strategy: For sellers, understanding these market dynamics is crucial for setting competitive prices and expectations. https://lnkd.in/egHWi_vg

Home prices are starting to cool as active listings jump by 35%, signaling a shift in the housing market.   Important takeaways for consideration:   Listings Rise: A 35% increase in active listings is providing more options for buyers and cooling off price surges. Buyers Benefit: Cooling home prices may create more favorable conditions for potential buyers. Sellers Strategy: For sellers, understanding these market dynamics is crucial for setting competitive prices and expectations. https://lnkd.in/ghGD-bX7

Housing Market Dynamics are shifting: The housing market is experiencing a notable shift, reflecting changing dynamics in homebuyer demand and pricing strategies. Price Reductions Becoming More Common: In a significant trend, approximately 25% of sellers reduced the price on their homes in October, as reported by ReVenture. This marks a sharp increase from about 17% during the same period last year and is a considerable rise from the all-time low of around 8% in 2021. Home Prices Still Near Peak Levels: Despite these price cuts, it's important to note that home prices are only down by roughly 6% from their all-time highs. This indicates that, although sellers are adjusting prices, the market has not seen a drastic decrease in home values. Low Inventory Yet Price Reductions: The current scenario is even more intriguing considering the historically low inventory levels. Yet, 25% of sellers are opting to cut prices, which is a clear indicator of the weakening demand from homebuyers. Market Driven by Supply Dynamics: These trends underscore the fact that the housing market is largely a supply game at this moment. The balance between available inventory and buyer demand is shifting, leading to these strategic price adjustments by sellers. #housingmarket #realestate #finance