Prompted by NAR’s news that pending home sales in June were way down, I went back to check July homes closed…

Chicago single family home sales* were indeed way down – 40 homes closed in July was about 50% of the previous month, 35% of July 2009 and 55% of July 2007.

Ouch!

So how did the last month go?

Pending sales in JULY — homes that went under contract that will close in the next 30-45 days — was WORSE.

Only 20 homes went under contract between July 1 and July 31…

I do not mean to be an alarmist, but this looks grim, folks….

We had seen a glimmer of hope – sales looked great through June, and inventories for single family homes and condos had declined to between 7 and 9 months.  It appeared that the market was stabilizing.

Today, with sales off and the number of listings even or up, there is again an 11.9 month inventory of single family homes for sale.

Clients are telling me that lending appears to be a huge factor in the inability of buyers to put deals together.

  • Appraisals are coming in too low – I had one appraisal come in this week at 60% of what it truly should have been
  • Advertised rates sound low, but they’re teasers only — the real rate for your situation may be very different than what is being touted on TV
* MRED Gold Coast, Lincoln Park, Lakeview, Uptown, Edgewater, North Center, Lincoln Square

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