Many are expecting Baby Boomers to be the next wave when it comes to housing demand and those in the housing industry are taking notice, Bloomberg News reports. Because of that some homebuilders are shifting their focus from starter homes to property features that will appeal to move-up and downsizing buyers. Read more about the trend from NAR’s Daily Real Estate News.
In other headlines:
18 Senators, mortgage bankers tell HUD: Time to lower FHA premiums – HousingWire
Millennials’ version of the American Dream – Chicago Tribune
What’s ahead for the Illinois housing market next year? Economist Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory of the University of Illinois, takes a look in a new forecast for 2015.
In Sunday’s Northwest Herald, the Account Executive for the Heartland REALTOR® Association, Jim Haisler, gave his analysis of his region’s housing market in the article “Haisler: What happened to the real estate market?”
Haisler also has been active with the Illinois Association of REALTORS®, having served on state committees since 2005. In 2015, he is serving on five committees: Association Executives, Education Working Group, Illinois Bicentennial Task Force, Political Fundraising Working Group and RPAC Trustees.
The Northwest Herald is the only daily newspaper published in McHenry County. It is located in Crystal Lake.
The Illinois Association of REALTORS® released the October housing report this morning. #IARMarketStats
Statewide, October home sales inched 0.2 percent higher than a year ago and the median price increased 6.0 percent year-over-year. Here are a few more takeaways from today’s data:
- The statewide median price ($159,000 in October) has experienced annual gains for the last 26 consecutive months.
- Homes on the market are moving fairly quickly. Statewide, homes averaged 74 days on market before being sold in October. The time was even shorter for the Chicago PMSA (61 days) and in the city of Chicago (51 days).
- The majority of Illinois counties saw median prices and sales increase in October. Sixty counties had price gains while 52 counties had year-over-year sales increases during the same time.
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The Illinois Association of REALTORS® will release the Illinois October home sales report at 8 a.m. Thursday, Nov. 20. The latest information about Illinois home sales, median prices and a forecast of future trends in the state’s housing market will be posted on our website at www.illinoisrealtor.org/marketstats. #IARMarketStats