MORE Economic Facts What’s Being Said About The Economy and Real Estate Today
NAR Midyear Forecast Existing home sales are forecast to increase to nearly 5. 0 million this year. The median existing home price should increase about 8% this year and 5% in 2014. Mortgage interest rates are expected to rise to about 4. 0% by the fourth quarter of this year.
National Association of REALTORS® May Existing Home Sales Up Total existing home sales increased 4. 2% in May from April and up 12. 9% from a All cash year ago sales were 33% The median time on market was 41 days in May, down from 46 days in April of transactions NAR Existing Home Sales May Release National median price: $208, 000
National Association of REALTORS® April Pending Sales . 3% Up from March to April Up 10. 3% from April 2012 “Because of inventory shortages, higher home sales will push up home values to the highest level in five years, ” Lawrence Yun, NAR chief economist. NAR April Pending Home Sales Report
Illinois Association of REALTORS® Chicagoland PMSA Home sales in May were up 29. 3% Median price stood at $184, 000, up 8. 2% from May 2012 “All the indicators point to a strong 3 -month period of growth, even in median prices, ” said Dr. Geoffrey Hewings, Director of the Regional Economics Applications Laboratory of the University of IL.
Illinois Days on Market Source: Illinois Association of REALTORS
Illinois Home Sale Prices Rise 9 th Month in May Nine straight months of year-over-year median price gains statewide It takes 83 days on average to sell a home in Illinois. Source: Illinois Association of REALTORS Inventory dropped 29% from May 2012
U of I REAL Forecast The year-over-year median price forecast for Chicago PMSA is expected to trend up 8. 2% in June, 10. 1% in July and 10. 1% in August. The three-month average sales forecasts point to increases between 23. 1% to 31. 2% from 1 year ago.
Mainstreet Organization of REALTORS® n n Sales of single-family, detached homes in suburban Chicago increased 29. 1% in May (based on year over year stats) according to MORe. Median sales price for detached homes increased 8. 3% from May a year ago
National Association of Home Builders Nationwide housing starts rose 6. 8% in May. “The outlook for housing continues to brighten as builders respond to increased demand for new homes and rental apartments, ” said National Association of Home Builders (NAHB) Chairman Rick Judson.
Fannie Mae Housing is expected to act The second half of 2013 will be a little stronger than the first half, despite the slowdown during the past couple of months, ” said Fannie Mae Chief Economist Doug Duncan. May Fannie Mae news release as a tailwind for the economy throughout the year and into 2014, even though there may be short-term ups and downs in overall economic activity
Fannie May 2013 National Housing Survey 76% say now is a good time to buy 40% People who say now is a good climbed 4 percentage points in May to 40% compared to 30% time to sell in April. Fannie Mae Housing Survey
Freddie Mac June Housing Outlook “Rates would have to increase Interest rates should hover around 4% during the second half of 2013. considerably before the reduction in demand for home purchases should be substantial. Nothing in recent trends suggests that we need to fear a major slowdown, ” Frank Nothaft, chief economist. June Freddie Mac June Housing Outlook
State of Illinois Economic Forecast Longer term, Illinois has a lot of what businesses need to thrive—talent, access to customers and capital, transportation—but painful fiscal reforms are needed The state is one of just a handful nationally in danger of falling back into recession. before it can fully capitalize on these strengths. Moody’s Analytics/Economic & Consumer Credit Analytics.
Consumer Confidence Survey Conference Board Consumer Confidence Index 69. 0 in April 76. 2 in May Those saying business conditions are “good” 17. 5% in April 18. 8% in May Those expecting business conditions to improve over the next 6 months 17. 2% in April 19. 2% in May
Gallup Poll American’s dream of owning a home is alive and well, evidenced by the fact that most Americans own a home and plan to continue to do so (56%) or don’t own a home but plan on buying one in the next 10 years (25%).
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