We're seeing some interesting shifts in the housing market lately. Over the four weeks ending August 23, new listings across the US ticked up by 0.4%, and total homes for sale increased by 0.5%, reaching their highest point since early Q2. At the same time, pending home sales dropped by 1.1%—the lowest in six months. High housing costs are keeping many buyers on the sidelines, even as more inventory becomes available. The median sale price still rose 1.9% year-over-year to over $400,000, with average mortgage rates hovering near 7%, just shy of a 13-month high.
For buyers, this environment is creating more room to negotiate, especially on homes that have been listed for several weeks—often where the best deals can be found. Sellers are seeing that realistic pricing, rather than chasing last year's highs, is the way to attract serious interest.
Having lived and worked in Lake, McHenry, and Cook Counties for decades, I know how important it is to have a clear understanding of local trends. Whether you're buying your next home or considering an investment, staying informed about these shifts can help you make the right move for your family or your portfolio.
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