Buying a house in Chicago is finally easier — but not cheaper

The Chicago metro area's real estate market is starting to level off, writes Axios' Sami Sparber.

Why it matters: After two-plus years of plummeting inventory and sky-high home prices, buyers have waited a long time for a little relief.

What's happening: Mortgage rates started to surge in May and have since passed 7%, squeezing homebuyer budgets and making monthly mortgage payments significantly more expensive than they were a year ago.

By the numbers: Pending sales are down 28.1% since May, according to the latest data from Redfin/MLS.

• Median home sales prices fell from $329,000 to $305,000 from May to September.
• In September, 23.3% of listings had price cuts, up from 13.2% in May.
• More than 31% of homes sold above list price in September, down from 53.2% in May.
• And homes sold in 57 days in September compared with 48 days on average in May.

The bottom line: Chicago's market is calmer, but buying a home right now isn't necessarily cheaper.