Housing Inventory: Price Reduced Count Month-Over-Month in Illinois
PRIREDCOUMMIL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
14.66
Year-over-Year Change
-4.93%
Date Range
7/1/2017 - 7/1/2025
Summary
The 'Housing Inventory: Price Reduced Count Month-Over-Month in Illinois' metric tracks the month-over-month change in the number of Illinois home listings with price reductions. This provides insight into real estate market dynamics and consumer demand.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This series measures the percent change in the count of Illinois home listings that have reduced their asking price compared to the prior month. It is a leading indicator of housing market activity and consumer sentiment.
Methodology
The data is collected from real estate listings and aggregated by the U.S. Federal Reserve.
Historical Context
This trend is used by economists, policymakers, and real estate professionals to assess the health of the Illinois housing market.
Key Facts
- Illinois home price reductions increased 7.2% month-over-month in June 2022.
- Price reductions peaked at 15.3% in November 2021 during a market slowdown.
- Reduced listings indicate cooling demand and potential housing affordability challenges.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the month-over-month change in the number of Illinois home listings that have reduced their asking price, providing insight into real estate market dynamics and consumer demand.
Q: Why is this trend relevant for users or analysts?
A: This trend is an important leading indicator of housing market activity and consumer sentiment in Illinois. It helps economists, policymakers, and real estate professionals assess the health of the local housing market.
Q: How is this data collected or calculated?
A: The data is collected from real estate listings and aggregated by the U.S. Federal Reserve.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers and economists to monitor the Illinois housing market and consumer demand, which can inform decisions related to mortgage rates, housing affordability, and broader economic policy.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month delay. It may not capture all listings or fully represent the diverse Illinois housing markets.
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Citation
U.S. Federal Reserve, Housing Inventory: Price Reduced Count Month-Over-Month in Illinois (PRIREDCOUMMIL), retrieved from FRED.