15d • General discussion
Chicago Is Up 6.5%. Seattle Is Down 2.3%. Same Country, Different Planet.
The national housing market headline is hiding a 9-point gap. The S&P Case-Shiller Index shows U.S. home values up just 0.8% annually in April — but that number is nearly meaningless, because Chicago is up 6.5% while Seattle is down 2.3% in the same month. The driver is supply: Sun Belt cities that overbuilt during the pandemic boom are still working through that inventory, while Midwest and Northeast metros never overbuilt and now carry real pricing power for sellers. With mortgage rates back up to 6.3% after briefly dipping below 6%, the market is treading water nationally — but locally, it's two completely different stories depending on your zip code.
Thanks!
-John
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Chicago Is Up 6.5%. Seattle Is Down 2.3%. Same Country, Different Planet.
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