July 2019 Housing Sales Statistics For Select Chicago Neighborhoods
Welcome back to our Chicago neighborhood market report after the summer break!
How is the market? According to Tommy Choi, president of the Chicago Association of Realtors, "the market is in a stabilizing period. Days on the market remain low and prices are steady, so inventory is moving and demand is there. We expect this to continue, particularly in the heels of the Federal Reserve's rate cut."
Let's look at mortgage rates a bit more closely. Rates have continually fallen through 2019 to date and are at their lowest level in many years. At the same time, home price appreciation is slowing. Historically, these conditions meant an increase in home buying activity. This…