Chicago Relocation

New is New Again

June 16, 2014

Filed Under
Chicago Real Estate
Blog Author Image
John D’Ambrogio

In April, national  building permits hit their highest level since 2008 recently. The U. S. Commerce Department reported and incredible 13%+ increase over last year.  It surpassed last fall’s record high.  Year over year numbers actually increased a whopping 25%+.  Increases were reported for every region of the United States.

The widespread polar vortex certainly didn’t help things over the winter, so perhaps there was a little pent up demand this spring!

Groundbreaking for single family and multi units topped one million.  However, that represented a less than 1% increase for SFHs and an almost 40% increase for multi units.   Why?  Lots of ideas.  Perhaps developers want to hedge their bets and get their investment back in increments, and not wait for a final sale.  Perhaps it’s simple market forces – people want new but can not afford single family homes at this point.

Regardless, the recovery is on track. And that’s a good thing!  Time to buy some real estate.