Chicago housing market cools, with home sales down 15% in 2022

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Illinois housing market cools, with home sales down 15% in 2022

Potential buyers arrive to look at a home for sale in Northbrook on March 30, 2022, during an open house. A new report Friday from Illinois Realtors showed the number of home sales dropped 15% statewide in 2022.

While the annual median price of homes was 4% higher in 2022 than in 2021 statewide, prices and sales are now lower than they were at this time last year, with another drop in December, according to Illinois Realtors, a trade association for real estate agents.Chicago median home sale prices in 2022 remained the same as the prior year at $335,000, according to Illinois Realtors. But in December, prices were down 8.1% compared with the same month in 2021.

The upside for potential buyers is that monthly mortgage payments for a home purchased for around $300,000 fell 0.8% last month to $1,552, though they are still about 58% higher than the prior December, Zillow data shows. Freddie Mac data has national rates for a 30-year fixed-rate mortgage at 6.15% this week, down from the 7.08% peak on Nov. 10, 2022.

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Won't matter until interest rates go down along with Illinois excessive taxes. Otherwise, folks can't afford the note and if they try to they get taxed out of nicer homes.

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