According to the National Association of Realtors, existing home sales are still on the incline as we approach the two-year mark in COVID. Since Omicron is on the rise, let’s watch to see if these numbers change in the coming months. As far as the Chicago real estate market, there is still high demand for single family homes and the condominium market is changing. Below are some key statistics from the report that are highlighted:
- Existing-home sales rose 1.9% in November from October to a seasonally adjusted annual rate of 6.46 million.
- The median existing-home sales price rose 13.9% year-over-year to $353,900.
- From one year ago, the inventory of unsold homes decreased 13.3% to 1.1 million – equivalent to 2.1 months of the monthly sales pace.
For a more detailed report, please click on the following link: NAR Existing-Home Sales (November 2021)
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