Real Estate Trends

National and Local Real Estate & Mortgage Trends

Borrowing costs spiked as 10-year US Treasury yields jumped over 50 basis points to surpass 5.25%. This pushed 30-year fixed conforming mortgage rates past 7.0%, compressing housing affordability. Home Price Appreciation nationwide values ticked up lightly at a 1.9% annual pace, though soaring rates forced a wave of list price cuts. 

Chicago local housing market conditions diverged, outpacing the nation with a robust 6.9% year-over-year price appreciation driven by tight inventory.  As the summer winds down so will real estate transitions which historically taper in cold weather months.  Families with school aged children tend to move homes in spring and summer months.