Chicago Relocation

Improved affordability helps keep families keep on truckin’ to Chicago

October 27, 2008

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It looks like good old fashioned market economics has helped the real estate industry begin its crawl back to normalcy.  NAR reported last week that existing home sales (which would include single family homes, townhomes, condos and co-ops) has risen to a seasonally adjusted rate of 5.18 million, up 5.5% from August and 1.3% from September.Home prices fell 9% in the last 12 months, according to the report.  Lawrence Yun, NAR chief economist, said more markets are seeing year-over-year gains.

“The sales turnaround which began in California several months ago is broadening now to Colorado,
Kansas, Minnesota, Missouri and Rhode Island.”

In addition, the average mortgage rate for a 30-year fixed rate was 6.04% in September ’08 v. 5.38% in September ’07. For our neck of the woods – The Midwest existing home sales went up 4.4%, although they still remain 2.5% below a year ago. Why is this relevant for our relocation market?  By definition, relocating transferees are coming from “somewhere else” and that somewhere else is more likely to be domestic than international.  Increased affordability is a good thing for all markets, and is one of the important factors in reviving the industry.

Chicago Relocation


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