Morning Minute: New-home sales also on the rise in Chicago area

While sales of existing homes in the Chicago area have been on the rise, so too have the sales of newly constructed homes, which saw an 18.2 percent gain in 2012 compared to a year earlier, according to a new report from housing consultant, Tracy Cross & Associates. Single-family homes in the suburbs saw the biggest gains, Crain’s Chicago Business reports in today’s article, “Local new-home sales jump 18 percent in 2012.

Tracy Cross, president of the Schaumburg-based firm, told Crain’s that he expects local new-home sales to rise another 20 percent to 25 percent this year.

In other news:

U.S. home prices post biggest jump in over 6 yearsChicago Tribune

Justice Department sues S&P over mortgage bond ratingsChicago Tribune

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About Stephanie Sievers

Stephanie Sievers is Senior Editor for the Illinois Association of REALTORS®. She serves as Senior Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.