August 2018 Market Update

August Real Estate Market Update for Greater Chicago is all about Homeowners Take Note... Rising home prices, higher interest rates and increased building costs have pressured housing affordability to a ten-year low, according to the National Association of Home Builders. Nationally, median household income has risen 2.6% in the last 12 months, while home prices are up 6.0%. This gap will eventually create fewer sales due to affordability concerns, which is happening in several markets, especially in the middle to high-middle price ranges.