Crain’s Chicago Business: New Home Sales Hit Highest Rate in Almost Four Years

In the first three months of the year, builders sold 1,247 new homes.

New home sales experienced a significant jump in the first quarter, marking its fourth quarter of consecutive improvement.

According to a report from Tracy Cross & Associated cited by Crain’s Chicago Business, in the first three months of the year, builders sold 1,247 new homes. That’s up more than 20 percent from the 1,038 homes sold in the first quarter of 2016. Chicago’s local increase was even larger than that national figure—the Windy City’s new home sales were up 11.9 percent in the first quarter of 2017 over the year before.

Despite this increase, industry professionals say that we’re still not over the hump. The numbers we’re seeing today are still far below normal new home sales, and there are still factors at play that could potentially hold the housing industry back.

In an interview with Crain’s Chicago Business, Erik Doersching, executive vice president at Schaumburg-based Tracy Cross, said, “One of the main things continuing to hold new homes back is that existing-home prices are so low.”

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