The NAHB Homebuilder confidence index rose almost 20% in November and stands at almost double its level at the beginning of 2012.
This week we’ve been looking at the market overview charts for some neighborhoods with a lot of condominiums: Near North Side, Lincoln Park, Near South Side, and the Loop. With the exception of Lincoln Park, they have all seen a manageable decrease in median selling price. These neighborhoods, likely because of the high sales volume and high income levels and financial stability of owners, have avoided the radical ups and downs seen in other areas.
Two key indices, the Case-Shiller home price index and the FHFA home price index, both show prices rising in the Chicago region. The Case-Shiller index shows prices rising in all three price tiers, as well as for Chicago condominiums.
The U.S. labor force grew by 580,000 and employment increased by 410,000, according to the Household Survey in the most recent BLS labor release. The headline unemployment rate increased 0.1% to 7.9%. The establishment survey showed an increase of 171,000 non-farm payroll jobs in the month. The long-term (27+ months) unemployed remained close to 5 [...]
The increase in median selling price of houses across the city has largely been driven by a high number of sales at the top of the value scale, suggesting that sales of upper-tier houses are driving the price increases.
Single family houses in the city sold for a median of $165,000 last quarter, a 13% increase over last quarter. Sales volume was 2.4% higher than last quarter, but remains well below the volume seen in the third and fourth quarters of 2011. The data is reported in the latest Chicago Housing Quarterly.
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