(Chicago, IL? October 19, 2012) The housing market in Chicago continues to show steady signs of improvement. Although the growth has not been robust, and construction levels are well below historical norms, the rate of new home construction has grown by just over 25% compared to the previous year.
With 2,628 housing starts tallied through the first nine months of this year, new home builders continue to see improvement in the level of demand for their product. In the first nine months of 2011 there were 2,093 housing starts. The 535 unit improvement over the prior year to date total is the largest such increase (both nominally and percentage-wise) in over ten years. Metrostudy expects the number of housing starts to reach 3,400 housing units by year?s end.
There still are several concerns in the near term that could negatively impact the new home market, however. The number of foreclosures, both in terms of new filings and the actual number of units foreclosed on, continues to rise. The local economy is also still a concern. This in light of the fact that there does seem to be some job growth occurring in the local market. There was a net increase of over 38,000 jobs reported in the Chicago metropolitan area during the most recent twelve-month period. However, unemployment levels remain elevated at 8.8%.
Inventory is still a concern as well. Not necessarily the amount of new home inventory sitting on the market, but the amount of lot inventory that is out there. ?There are still over 55,000 fully improved home sites out there ready to build on,? says Chris Huecksteadt, Metrostudy?s Director of Midwest Markets. ?Many of these lots are in far flung areas that may not see significant construction activity for several years,? he added.
Given where the market has come from there is still reason for optimism among those active in the local new home market. ?Most production builders here are seeing more traffic serious about buying a new home, and willing to pay what builder?s are asking, than they?ve seen in a long time,? Huecksteadt said.
About Metrostudy
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data for approximately 70% of the United States housing market, the company is recognized for its consulting expertise regarding real estate development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com
Source: http://www.metrostudyreport.com/national-housing-market/housing-market-continues-to-improve
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