- I try to shield my Chicagoland Real Estate Forum readers from bad news, but when it’s a record, I gotta let you know.
Something tells me this news isn’t going to surprise you, anyway.
The U.S. Commerce Department released a report this week showing that nationwide sales of new homes fell 12.4 percent in July to its lowest sales rate on record.
Every region in the country saw a drop in sales of newly built, single-family homes last month.
But wait: There’s a bright side!
While new construction sales fell in every region, the Midwest posted the lowest decline.
*Midwest: 8.3 percent
*South: 8.7 percent
*Northeast: 13.9 percent
*West: 25.4 percent
“The slow pace of economic recovery and worries about job security are weighing heavily on the minds of potential home buyers right now,” said National Association of Home Builders (NAHB) Chief Economist David Crowe. “As a result, the housing market is clearly in a holding pattern. That said, NAHB does not project that a double-dip recession is in the cards, and we are looking for employment gains later this year to help bolster sales activity moving forward.”
Way to think positive!