Chicago New Home Sales Increase During October

November 19, 2012

chicago new home salesFrom September to October, home sales increased 21.8 percent across 19 major U.S. markets, according to Redfin. Home sales often decrease after Labor Day, and this number is a very good sign that the winter housing market will be stronger than in previous years.

Home prices also increased 8.4 percent year-over-year during this time. The number of homes for sale decreased 29.4 percent since October of last year and decreased 5.3 percent since September.

Even though the current home inventory is low, demand for new homes is increasing and record-low interest rates are helping to improve the economy. Chicago experienced the smallest year-over-year drop in inventory with a 4.3 percent decrease from last year.

In other positive housing news, U.S. home prices rose 5 percent in September, which is the largest increase since 2006. In terms of Cook County real estate, prices for large multifamily buildings have risen nearly 31 percent. Prices for condos and single-family homes are taking slightly longer to increase.
Would you considering buying or selling a home during the winter months?

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