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Sales of newly built homes in the Chicago area were ahead of last year's total at the end of the third quarter. The modest gain can be attributed to builders lowering their prices.
Builders sold 3,154 new homes in the first nine months of 2018, compared to 3,062 in the first three quarters of 2017.
The median price of new homes that sold dropped below $350,000 in the second and third quarters of the year, for the first time since mid-2006. "That's from builders trying to gain some momentum," said Erik Doersching, executive vice president at Tracy Cross.
The price cuts come at a great time. The tally for the 3rd quarter, 1,006 sales, was up more than 34% from a year before, but it's an increase from what was one of the lowest-selling quarters in the past four years.
Read on HERE:
Consider investing in a professionally managed portfolio of single-family homes? Please contact Harold Willig at harold.willig@springviewinvestments.com or 917-209-4452.
Harold Willig is the Manager of SpringView Investment Management, LLC, which he founded in 2012. Mr. Willig also served as HFZ Capital Group’s Chief Financial Officer and was responsible for the oversight of HFZ's Finance and Accounting team. He has over 16 years of finance and accounting experience.