Chicago New Homes Starts at Highest Level in Four Years

October 22, 2012

chicago new homes housing startsAccording to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, production and permitting of new homes rose to their highest levels since July 2008. Consumers are feeling more confident about local markets, which is good news for the Chicago new homes market.

The increase in new-home construction occurred in both the single and multifamily areas. Single family homes increased by 11 percent, the greatest increase since August 2008, and multifamily homes increased by 25.1 percent, the best gain since September 2008.

Barry Rutenberg, the chairman of the National Association of Home Builders (NAHB), said that in order to make numbers increase even further certain issues will still need to be worked on. Credit availability, appraisal related difficulties and a rise in home prices are some obstacles that the market will need to overcome.

In the Midwest, single and multifamily housing starts increased by 6.7 percent. New building permits, which are a strong indicator of future building activity, were also on the rise in September. Single-family permits increased 6.7 percent and multifamily permits increased 20.3 percent. These were also the highest numbers since July 2008.

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