Illinois home builders throughout Chicagoland saw impressive growth numbers for the second quarter of 2013. According to Illinois real estate research by Tracy Cross & Associates, Illinois home builders in the city of Chicago and surrounding suburbs sold 1,343 homes in the second quarter of 2013. This marks an impressive year-over-year increase of nearly 40 percent!
If the trend continues, Illinois home builders are on track to sell more than 5,000 new homes in 2013. The Spring selling season roared in like a lion with new home builders in Illinois seeing more visitors out shopping for, and purchasing, new construction homes. If indeed Illinois home builders manage to sell 5,000 homes this year it will equate to a 46 percent increase in sales compared to 2012.
Researchers from Tracy Cross & Associates noted in their findings that although surrounding suburbs saw new home sales on the rise, the city outperformed with more sales, especially in luxury condominium buildings. New home sales in the city alone were up 81 percent while suburban sales we up nearly 31 percent.
Industry experts and Illinois home builders agree that improved consumer confidence along with dwindling inventory and low mortgage rates are all increasing demand for new construction homes in Illinois.