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Market Update: July 2022

As the word “shift” continues to be the buzz word for the market, the data is backing it up. Total housing inventory increased almost 13% nationwide and for the Western Suburbs, most areas reached a 6-month low for percentage of homes under contract. This indicates new inventory has been steady but homes are staying on the market longer before going under contract. Price reductions have picked up as showing activity and lines of buyers dwindle. As we head into the holiday weekend and the heat of the summer, it will be an even more critical time for the two key factors for sellers; price and presentation.

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