In our prior post, we only had one month of data which was for the month of November 2015. Now there are an additional two months of data and the effect of the Truth in Lending Act (TRID) isn’t so bad.
The average contract to close for December 2014 was at 55 days. It decreased by 2 days in December 2015 for a total of 53 days. The median contract to close for December 2014 was at 44 days with December 2015 being at 48 days for a median 4-day increase as a result of TRID. The average contract to close for January 2015 was at 57 days with January 2016 being at 58 days for an average 1-day increase. The median contract to close for January 2015 was at 48 days with January 2o16 being at 50 days for a median 2-day increase from contract to close.
TRID is definitely here and has increased the number of days to contract. So far, it is only three days that the whole process has been delayed when we compare the Chicago market to other national markets. The good news is the Chicago market isn’t experiencing major delays at this time. I’ll take another look in a few months to see how things are going as things begin to heat up for the spring market.
Did I leave anything out or do you want to join the conversation? Let me know in the comments below.
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For additional information on TRID see one of the articles below:
Thanks for reading,