Morning Minute: Housing markets warm up for spring home buying season

An improving jobs market and affordable mortgage interest rates still point to a strong spring housing market, despite recent winter weather, according to Freddie Mac’s latest Multi-Indicator Market Index. Illinois is among five states showing the most year-over-year housing market improvement and Chicago made the top five list when it comes to metro areas seeing the most annual improvement. Read more from Freddie Mac along with coverage from NAR’s Daily Real Estate News.

In other headlines:

Housing Inventory Slowly Disappearing – KCM Blog

Uh-oh: Most millennials don’t know about closing costs – HousingWire

Morning Minute: Sales of new U.S. homes hit seven year high in February

Sales of newly constructed, single-family homes rose 7.8 percent in February, rising to a seasonally adjusted annual rate of 539,000, according to new data from the Commerce Department. The last time the annual rate was this high was in February 2008. Read the U.S. News and World Report article, “New Home Sales Surge in February“ and the USA Today article, “Feb. new-home sales soar to 7-year high.”

In other headlines:

5 Spring Home Buying Strategies – NAR Daily Real Estate News

A Soft Start to 2015, but Acceleration Expected – Fannie Mae

 

Morning Minute: Illinois home prices see gains in February

The spring real estate season is around the corner and Illinois homeowners may decide now is the time to list their homes for sale. The lower inventory of homes for sale and increasing buyer demand are driving home prices higher. Many homeowners are regaining equity in their homes and improving economic conditions could make more consumers feel confident about buying or selling. Illinois home prices surged 13.1 percent in February while home sales declined 1.7 percent amid tight inventories. Learn more and read recent media coverage of the Illinois housing market including:

Illinois Housing Prices Go Up - WICS 

Chicago home sales up for first time in 8 months – Chicago Tribune

Home Prices in Illinois on the Rise – WMBD

DeKalb County home prices up as inventory falls – Daily Chronicle

Illinois Home Prices Surge 13.1% – GlobalSt.com

Local home sales dip in February – Crain’s Chicago Business