Chicago Relocation
 

New is New Again

June 16, 2014

Filed Under
Chicago Real Estate
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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.