Sep
25

MetroStudy Gives Housing Forecast at September SSHBA Meeting

September 25, 2012

chicago real estate housing forecastThe Southwest Suburban Home Builders Association September general membership meeting was well-attended. More than sixty members came out to network and listen to a Chicago real estate housing forecast given by Chris Huecksteadt of MetroStudy.

Huecksteadt is the director of Metrostudy, which provides primary and secondary market information to housing, retail and related industries. Huecksteadt frequently consults with many of the top homebuilders in Chicago and also works with industry lenders and private investors. Huecksteadt discussed the correlation between the national economy and the current Chicago housing market, and he also shared his thoughts on the future of the Chicago real estate market.

While the Chicago area is still feeling the affects of unemployment there are still some overall positive trends in the local real estate market. There were 1,017 starts in the Chicago housing market in the second quarter of 2012, a 33 percent increase from the second quarter of 2011. There were also 966 closings in the second quarter of 2012, a 13.4 percent increase from 2011.

Naperville continues to come out on top of the Chicago real estate market, with 471 sales in 2012, an increase from the 2011 number.

Since there is a correlation between job growth and housing growth, it is expected that the market will pick up as long as more jobs are created in the state of Illinois. On a national level, the MetroStudy report revealed that homebuyer confidence is in the four to five percent range, with 4 to 5 million Americans planning to buy a home within the next year.

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