Source: Press release by M. Giglio

Leap into spring with a sunny forecast for real estate! Chicago home sales surged on the last day of February – Leap Day. The winter sales numbers over a 28-day period show home sales (single-family and condo) increased a whopping 15.1% over this same time period last year.

In Chicago, on 2/29, home sales increased on the day alone by 16.6% over last year at this time.

A new report just released by the researchers at the National Association of Realtors reveals that over the next 20 years aging baby boomers and their echo boomer children will significantly impact trends in the nation’s housing market. As the senior population swells by 30 million (over 65) they will release more housing into the marketplace than they absorb. This increased supply means additional buying opportunities for echo boomers (born between 1981and 1995).

In article by Lawrence Yun, NAR Chief Economist entitled, “Returns to Normal?” poses some interesting questions and observations. He writes: “Housing affordability conditions are at their highest since record-tracking began in 1970. Homebuyers are facing the best opportunity to be homeowners in at least the past two generations. The exceptionally low default rates of recent years attest to successful homeownership among people who stay well with their budgets.”

Definitely, encouraging news to “spring for” a new house that suits you and your family this year!