Nov
10

U.S. Home Prices at Highest Level in Six Years

November 10, 2012

illinois new home prices at highest levelsAccording to CoreLogic,  the measure of U.S. home prices rose 5 percent in September, which is the largest increase since 2006. In the state of Illinois however, home prices showed some depreciation. Illinois new home prices, including sales of distressed properties, declined 2.3 percent in September.

In Chicago, home prices of single-family homes, including sales of distressed homes fell 2.9 percent. However, if you exclude foreclosure transactions and short sales, home prices in the Chicago area rose 1.8 percent.

The recent stabilization in home prices is one of the reasons why the housing market is improving. If home prices continue to rise, more homeowners will feel confident about selling their homes. It is also important to note that during the month of September, home builder construction on new homes and apartments increased at the fastest pace in more than four years.

Ultimately, according to CoreLogic, the September declines reflect the typical end of summer home-buying ‘slump’ that often occurs, and the housing market is expected to strengthen as we head into 2013.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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