U.S. Housing Market Improves in December

chicago new homes market

The number of housing markets considered “improving” rose by 76 to a total of 201 metros in December, according to the National Association of Home Builders/First American Improving Markets Index.

The NAHB index lists major metros that have experienced an increase in housing permits, home prices and employment for at least six consecutive months.

While Chicago has yet to be added to the least, Springfield, Ill. has ranked as an improving metro for the past few months, and this month Bloomington, Ill. is on the list. Now that two Illinois cities are in the top 100 metros, there’s a high chance that market success will spread to real estate in Chicago.

“This fourth consecutive month of expansion in the IMI, coupled with the fact that well over half of all metro areas are now represented on the list, is in keeping with the upward trends that we’ve been seeing all year,” said NAHB Chief Economist David Crowe. “In general, we expect the overall housing recovery to continue expanding in 2013.

The National Association of Home Builders is optimistic that the growth of improving housing markets will encourage more Americans to purchase a new home before the end of year. December is a great time to get a deal on a new home, as the average house on the market this time of year will include price discounts from $2,000 to $10,000.
To view a complete listing of all the markets on this index, visit www.nahb.org/imi.