The seasonally adjusted rate of new home sales in the Chicago area fell in the second quarter. Down 7.8 percent from a year earlier, according to Crain’s, experts don’t predict to see much change in housing trends until 2013.
“Everything is just hovering at the bottom and not showing any signs of moving upward,” said Tracy Cross, president of Tracy Cross & Associates.
With only 868 actual sales throughout the region, this was the lowest second-quarter total since 1994. The suburbs had a large impact on this decline because sales in the suburbs fell 8.2 percent from a year ago. However, in the city, sales have increased 3.5 percent compared to 2010.
Townhomes and condominiums are not selling any better than new homes and the market is far from its level in 2005 when new-production home sales in the region totaled 33,287.
Jeff Benach of Chicago-based homebuilder Lexington Homes LLC says once levels eventually climb back up, they will be far from 2005 sales levels. He expects levels closer to 1996, when new home sales totaled 18,860.