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New Home Sales Reach 8-Month High
>Sales of new homes rose sharply in December, posting a 17.5 percent gain from the month prior.
According to the Department of Housing and Urban Development, New Home Sales climbed to 329,000 in December, besting November by close to 50,000 units on a seasonally-adjusted annual basis.
Last month's reading is an 8-month high for New Home Sales, and the latest in a series of signals that housing is improving in Oak Lawn and around the country.
Note that December's Existing Homes Sales and Building Permits reports also showed marked gains last month, climbing 12 percent and 6 percent, respectively.
Furthermore, an interesting pattern is emerging in the price points of home sales. The highest levels of relative growth are occurring within the "move-up buyer" segments. Entry-level price points are lagging the market, as a whole.
December's New Home Sales data breaks down by price point as follows:
Homes under $200,000 : 36% of the market (-9% from November) Homes between $200,000-$299,999 : 32% of the market (+7% from November) Homes between $300,000-$499,999 : 27% of the market (+7% from November) Luxury homes accounted for less than 5% of the newly-built home market, suggesting that Illinois homeowners are either not "buying new" as frequently, ... more

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