With pending home sales down 15.8% year over year, Chicago’s real estate market is showing early signs of slowing down. But median home prices are still up 4.8% from May 2021.
Why it matters: Despite predictions of a market crash, so far, local data does not support the idea.
Yes, but: Monthly reports show early signs of a cooler market, even if it’s slight.
What’s happening: Demand is leveling off. More buyers are holding off as homeownership becomes too expensive.
- From May 2021 to May 2022, new listings were down 13% and pending sales were down nearly 16%.
- This comes after mortgage rates surpassed 5% for the first time in 10 years.
- Home-price growth is still slower here than the national median.