December 2021 Real Estate News

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

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This month’s December 2021 Real Estate News reports on the strong housing demand, tips to help you through the holidays and getting started on your dream-home wishlist. Also, learn about four popular kitchen cabinet trends and how to protect yourself from phishing scams and identity theft. All of this and more in the December 2021 Real Estate News.

With Housing Demand Strong, It’s a Good Time to Sell

After a slow month, existing-home sales climbed again in September, according to the National Association of Realtors (NAR). Every sales region in the country reported month-over-month sales increases. When comparing year-over-year figures, however, one region remained unchanged, while three others saw a drop in sales.

More Listings Are Needed
The improvement in September’s sales was likely due to a slight increase in the housing supply in prior months. According to Lawrence Yun, chief economist for the NAR, “Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year.” Those buyers, however, face challenges, as September’s total housing inventory fell 0.8% month over month to 1.27 million units. Inventory levels were down 13% from the same time a year earlier. At the current sales pace, this level of inventory would supply the housing market for only 2.4 months, a drop of 7.7% from a month ago. In September 2020, there was a 2.7-month supply of unsold inventory.

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Marina Jacobson
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