2012 Saw Increased Closings and Prices for New Homes in Chicago

May 06, 2013

New homes in Chicago selling for moreHousing in Chicago is gaining ground, according to a new report from Housing Intelligence, closings in the city rose in December. Closings increased 4.6 percent from a year earlier to 482, and a total of 4,779 new homes were sold during 2012 according to final numbers in December.

The average price for new homes rose in December to $337,542 per unit, an overall increase of 7.4 percent year-over-year. Average mortgage size increased as well to $269,890, an 8.1 percent year-over-year change. This slightly edged up the percent of home value being financed from 79.4 percent to 80 percent.

Overall, single-family home sales have risen from last year, from 55.1 percent of closings in 2011 to 60.4 percent of closings in 2012. While detached homes have gained momentum, attached homes sales shrunk from 44.9 percent to 39.6 percent of closings in 2012.


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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