CHICAGO HEIGHTS, IL — The housing market is poised to stay hot even as the outside temperature dips.
The national median sale price for single-family homes was 1.5 percent higher in October compared with the price in the last three weeks in September, according to Redfin. Median home sale prices were 13 percent higher than those in October 2020 and 30 percent higher than those in October 2019.
Mortgage rates have trended upward since August, which has pushed prospective buyers to buy before rates climb further, according to Redfin.
“Fear of missing out (FOMO) is always a powerful force in this supply-constrained housing market, but especially so today for buyers who weren’t able to snag a home last year before mortgage payments shot up by 15 percent,” Redfin Chief Economist Daryl Fairweather said in a news release. “With this renewed FOMO, the housing market is heating up from the slight lull a few months ago.”
The median sale price for a single-family home in the 60411 ZIP code was about $170,000 from the beginning of July through the end of September, according to Redfin. That was 24 percent higher than the price over the same period last year.
Redfin tracked 178 homes sold during the same time period, and more than half sold above list price. There were 204 new listings during this time, the firm said.
Source: https://patch.com