April 2019 Real Estate News

TO FIND AN OPEN HOUSE IN GLENVIEW IL NORTHBROOK IL OR MORTON GROVE IL

Are you buying a home in any of these communities? Check out this Market Tracker.

In this month’s April 2019 Real Estate News, learn the four common myths about listing your home for sale and whether the housing market is shifting in the buyer’s favor. Check out tiny touches you can make to increase your home’s curb appeal and homemade nontoxic cleaners you can use in your home. All of this and more in the April 2019 Real Estate News.

Is the Housing Market Shifting in Buyers’ Favor?

After years of a housing stock shortage, inventory is finally on the rise. At the end of January, there were 1.59 million homes available for sale. This was up from a supply of 1.53 million homes a month ago and 1.52 million a year ago. At the current sales pace, the housing stock will last 3.9 months, an improvement from the 3.7-month supply in December and the 3.4-month supply in January 2018.

Despite the improving numbers, however, there still exists an inventory shortage, particularly at the lower end of the market. More home construction is needed, according to Lawrence Yun, chief economist for the National Association of Realtors. He advises, “Taking steps to lower construction costs would be a tremendous help. Local zoning ordinances should also be reformed, while the housing permitting process must be expedited; these simple acts would immediately increase homeownership opportunities and boost local economies.”

More Affordable Prices
One sign of a housing supply shortage is rising home prices. For the past 83 months in a row, home prices increased year over year. The median existing-home price climbed to $247,500 in January, an increase of 2.8 percent from the year before. However, this was the slowest year-over-year price growth recorded since February 2012, due partly to the improving inventory numbers. This should be welcome news for home buyers, especially first-timers.

Read More.

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