Market Shift #of Condos Sold in August Down 18% in City

Written By Phil Buoscio

Pulling from the Chicago Realtor news releases and data : It looks like Inflation, higher interest rates, and fears of a potential recession have taken a toll on buyers and sellers this summer, leading many people to stay on the sidelines to see what will happen with the market. But some experts, including NAR Chief Economist Lawrence Yun, believe the worst of inflation may be over. Although sales prices remain up from this time last year, price growth is expected to moderate in the months ahead as the market continues to shift in a more buyer-friendly direction.

New Listings in the City of Chicago were down 0.6 percent for detached homes and 25.7 percent for attached properties. Maybe the most telling number was this: Listings Under Contract decreased 16.1 percent for detached homes and 22.7 percent for attached properties.


Summer 2022 has been a season of change for the U.S. real estate market. With housing affordability at a 33-year low, existing-home sales have continued to soften nationwide, falling 5.9% month-to-month and 20.9% year-over-year as of last measure, according to the National Association of REALTORS® (NAR). Pending home sales have also continued to decline, while new listings have steadily increased, with unsold inventory reaching 3.3 months’ supply at the start of August. The pullback in demand has been particularly hard on homebuilders, causing new- home sales and construction to slow.

Phil Buoscio

A future-driven Realtor who's lived in Chicago all his life and understands its neighborhoods, trends, and people. He was part owner of a large Brokerage who downsized to start his own Brokerage in 2006. This allowed him to have pursue a more enjoyable, focused approach with fewer clients and specialize with clients of Income Property, Green Renewable New Construction Development.

A committed Environmental Activist who was the Catalyst for the first LEED Certified USBGC line of Speculative Homes in Chicago +PLUSHOUSE.

To further lead our transition to clean energy he also leads a Solar installation team Brokering Solar on the POWUR platform. Since the first LEED home he sold in 2016 with Solar he has not looked back from pushing for solar and highly efficient homes.

With an extensive background in remodeling as a General Contractor and New Construction Broker(having overseen the design and sales of over 30 developments), he is a great asset to any developer who is considering a project in or around Chicago. He knows the market now, and that each builder must be future-driven to stay ahead of the market.

Phil understands the construction trades, building codes, and zoning laws to help his clients envision possibilities and limitations that impact the value of a property in the long run.

Phil is an income property specialist as well and has represented some of the larger independent landlords in Chicago in acquisitions and sales. He oversees his own highly profitable income portfolio of over 40 units in ten properties.

Phil has personally closed over 200 million in sales personally since 2001 in over 800 transactions and has been the Top Broker in Chicago's Pilsen neighborhood over the last 22 years.

https://myrealtorphil.com
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I see silver lining in 2024…But for now :Existing-Home Sales Slumped 5.9% in October. … Sales have also dropped 28.4% year over year.
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