Lakeshore Analytics

Rapid increase in city’s condo sales volume

Administrator — Wed, 08 May 2013 00:24:53 +0000

Over 6,000 condominiums or townhomes were sold in the first quarter of 2013, an increase of 77 percent over the first quarter of 2012. Though the median selling prices of condos and townhomes slipped, the high sales volume is welcome news for beleaguered condo market, which has suffered from foreclosures and financing difficulties.

The median selling price of a unit was $210,750, not materially different from last quarter, but almost 14 percent higher than a year ago. (The first quarter of 2012 was the worst quarter for condominium sales since the depths of the depression in Q1 2009.)

A detailed breakdown by neighborhood is available in Chicago Housing Quarterly.

City SF market down, but still above year-ago levels

Administrator — Wed, 08 May 2013 00:14:35 +0000

Home sellers and buyers had an active first quarter in Chicago, with 7,751 single-family homes trading hands between January 1 and March 31. Though that figure represents a decrease from the previous quarter, it is 26 percent higher than the same figure a year ago:

The median selling price of a house dropped to $145,000, below last quarter’s $156,250 but 5 percent above the selling price a year earlier.

A detailed neighborhood-by-neighborhood breakdown is available in Chicago Housing Quarterly.

Latest index shows Chicago prices trailing nationally

Administrator — Sat, 04 May 2013 14:32:03 +0000

Tuesday’s Case-Shiller index release showed the Chicago region posted some gains in home prices, but not at the same level as the 10- or 20-city indices:

City building permits remain depressed

Administrator — Wed, 27 Mar 2013 01:54:15 +0000

Despite a pickup nationwide, building permits for housing construction in Chicago remain well below pre-boom levels, according to the latest Census data.

The chart above shows a three-week moving average to cut down on noise. The city averaged just 156 multifamily permits and 26 single family permits per month in the last 12 months. The ten-year average from 1996 through 2006 was 474 multifamily permits per month and 132 single family permits per month.

Two indices show slight dip in regional home values

Administrator — Fri, 30 Nov 2012 03:16:08 +0000

The FHFA and Case-Shiller indices showed slight decreases in their most recent reporting periods. The indices, which were both released this week, had shown slight increases recently but have largely remained flat over the past year.

The Case-Shiller Index, which reported its September index covering July, August, and September, fell by 0.7% over the previous month. The index is 1.6% below where it was a year ago. It had been rising from March to July, but by small amounts.

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A similar story played out when looking at Chicago-area home prices by tier. The three tiers each fell by just a few tenths of a percent. Compared to a year ago, the low tier is 5.2% lower, the middle tier 1.3% lower, and the high tier 1.0% lower:

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Finally, the FHFA home price index, which is released quarterly and is based on repeat sales of homes backed by Fannie Mae and Freddie Mac, also showed a decline in Chicago-area home prices. In the third quarter 2012, the index fell by just 0.2%:

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At the same time, the national index rose by 1.3%. The national index is up almost 4% over last year.

All charts on this page are part of Chicago Housing Quarterly, which is delivered free to e-mail subscribers each quarter.

Consumer confidence pared back as fiscal cliff looms

Administrator — Tue, 27 Nov 2012 03:25:30 +0000

The University of Michigan index of consumer confidence was essentially unchanged in November. The organization released a preliminary reading of 84.9, which would have been a 2.7% month-over-month increase. Instead, the final reading was 82.7, which is up just a tenth of a percent from October’s 82.6.

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Still, the level sets a recent record. Prior to last month, the index had not broken 80 since October 2007.

The survey cites evidence that the upcoming fiscal cliff has consumers worried about the future. Employees face uncertainty regarding take-home pay based on a bevy of unresolved tax issues, ranging from the payroll tax holiday to the 2001 and 2003 tax bills that temporarily lowered tax rates for every bracket. Those rates will rise Jan. 1 if unaddressed by a lame-duck Congress.

Builder confidence up 20% in November; almost doubled in 2012

Administrator — Mon, 26 Nov 2012 03:23:17 +0000

The NAHB Homebuilder confidence index rose almost 20% in November and stands at almost double its level at the beginning of 2012.

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The single family confidence index now stands at 49, the highest monthly reading since May 2006. Similarly, the index of traffic of prospective buyers has been at 35 each of the last two months, the highest level since May 2006.

Several factors have combined to work in homebuilders’ favor: higher levels of employment, rising consumer confidence, a reduction in inventory of new homes, and continued lower interest rates.

This chart is available in Chicago Housing Quarterly, a free monthly review of key housing industry stats. Click here to subscribe.

A look at some top neighborhoods for condos

Administrator — Wed, 14 Nov 2012 00:01:05 +0000

This week we’ve been looking at the market overview charts for some neighborhoods with a lot of condominiums: Near North Side, Lincoln Park, Near South Side, and the Loop. With the exception of Lincoln Park, they have all seen a manageable decrease in median selling price. These neighborhoods, likely because of the high sales volume and high income levels and financial stability of owners, have avoided the radical ups and downs seen in other areas.

The gallery below contains a market overview for condominiums in four neighborhoods.

[Show as slideshow]

Indices show pain may be ending for Chicago-area home prices

Administrator — Thu, 08 Nov 2012 03:13:45 +0000

Two key indices, the Case-Shiller home price index and the FHFA home price index, both show prices rising in the Chicago region. The Case-Shiller index shows prices rising in all three price tiers, as well as for Chicago condominiums.

The FHFA home price index is released quarterly and is based on all home sold with the backing of a Fannie or Freddie mortgage. It is a seasonally-adjusted index. The national index is 3.0% higher than it was a year ago and has experienced two quarters of growth. (The most recent quarter is Q2 2012.) The Chicago index shows an increase of 3.0% last quarter alone, though it is still slightly below its level a year ago.

The index shows that the Chicago region roughly tracked the price movements of the nation as a whole until late in the downturn of 2010-2011, when the Chicago area fell much more steeply than the nation.

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The more widely-watched Case-Shiller index, which is a paired-sales index and is reported on a three-month rolling average, also shows recent increases in the Chicago region. The reading for July (the most recent month available) is up 6% from a quarter ago and has increased for four straight months.

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These charts are presented in each issue of Chicago Housing Quarterly. Subscriptions are free.

Higher U.S. labor force in November; long term unemployed steady

Administrator — Sun, 04 Nov 2012 04:54:59 +0000

The U.S. labor force grew by 580,000 and employment increased by 410,000, according to the Household Survey in the most recent BLS labor release. The headline unemployment rate increased 0.1% to 7.9%.

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The establishment survey showed an increase of 171,000 non-farm payroll jobs in the month. The long-term (27+ months) unemployed remained close to 5 million, or about 40% of those unemployed.