Median family home sizes are continuing their rise post-recession, according to the U.S. Census Bureau's Survey of Construction.
This year the median size for a new single family house is 2,450 square feet. That's the second highest average since 2009.
The data divided the U.S. into nine sections and determined a median square footage in each one. The Middle Atlantic had the highest median size with 2,580 square feet while the area including Chicago had a median of 2,361 square feet.
For more, head over to Chicago Agent Magazine here.
According to a new report, rental vacancies are at a low not seen since 1985 and the prospects for the future for rental property owners are bright.
Vacancies in the second quarter of 2015 were 6.8 percent based on U.S. Census data, down from 7.5 percent in 2014.
According to the report, multiple applicants are vying for the same apartments and owners are raising rents. Tenants, especially Millennials, are facing a challenging job market and high student debt which will likely result in them remaining tenants longer than previous generations.
For more on the report, check out Curbed Chicago here.
The latest numbers are in and while Naperville, Aurora, and Joliet typically lead the list of top-sellers they aren't the most competitive markets for suburban buyers.
That honor for the month of August goes to Lake Zurich, with an average market time of 11 days, followed by Prospect Heights at 14 days and South Elgin at 15 days.
And the suburbs with the lowest inventory were Villa Park with 2.6 months of supply, Romeoville with 2.7 and Crest Hill with 2.9.
For more, head over to Chicago Agent Magazine.
According to the latest data, mortgage applications last week rose 25.5 percent from the previous week.
The Mortgage Applications Survey from the Mortgage Bankers Association showed that refinancing increased by 24 percent and purchase mortgages increased by 27 percent. Refinancing was a little over half of the activity, comprising 58 percent, while adjustable-rate mortgages comprised 7.6 percent.
“The number of applications for purchase and refinance mortgages soared last week due both to renewed rate volatility and as many applications were filed prior to the TILA-RESPA regulatory change,” Lynn Fisher, MBA’s Vice President of Research and Economics told Chicago Agent Magazine. “The average loan size of applications in the weekly survey increased by 6.9 percent, driven by a 12.1 percent increase in the average size of refinances.”
For more, head over to Chicago Agent Magazine here.