Chicago Tribune Article - Buyer's Market?
An internesting read this morning out of the Chicago Tribune. The focus is mainly on real estate in Chicago and the rest of the midwest but there is some good commentary about the overall market.
"Chicago-area homes are piling up. In 2004 there was typically a 2.9 months' supply of single-family homes for sale, meaning that if no others were to come on the market the supply would be exhausted in about three months.In 2005 that number averaged 3.7 months. At the end of March it hit 4.2. Headrick-Wagner interprets inventory above four months as a so-called buyer's market.
Put another way, Wagner says that about 2 percent more single-family homes were under contract April 1 than one year earlier. Yet Chicagoland's single-family inventory is 30 percent higher than last year."
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