August Home prices across US up 2.3%: MRED 

MRED is a great source of real estate information on the Chicagoland area.  Their latest report for August tells us that home prices are up across the US, comparing year to year.  Median Sales prices were up 2.3% for detached homes–about $221,900.  Inventory has also decreased 17-18% for detached and attached units.  Read the rest of the MRED story for the full picture.

MRED Chicagoland Report for August, 2015

Source: MRED Chicagoland Report for August, 2015

Home prices were up during summer across the nation in year-over-year comparisons. With the economy on full mend, Federal Reserve Chair Janet Yellen has predicted a fine-tuning of monetary policy before the year ends. In tandem with the improved economy, the unemployment rate for August 2015 remained at 5.3 percent for the second month in a row. It is widely believed that interest rates will go up before the year is over. Generally, this does not happen without careful consideration for the impact such a move will have on residential real estate.  Story continued