The Illinois Association of Realtors said last week that the median price it reported for home sales in Chicago was inflated in May, and mistakes in its reports may go back more than three years, according to the Chicago Tribune.
Southern California home prices continue to creep upward, although they remain below their year-ago levels, according to tracking firm DataQuick. The region’s median price last month — $280,000 — reflects a 5 percent drop from June 2010, but a 1.8 percent increase from May 2011’s median price.
The Obama administration, which last year adopted a laissez-faire attitude toward the housing market, is now turning its attention reviving the market because of its drag on the economy in general, reported the Wall Street Journal.
PulteGroup last week announced the election of Bryce Blair to its board of directors. As a member of the board, Blair will join the compensation and management development, and finance committees.
Long-term growth in the construction of townhouses (attached single-family units) as a share of all single-family homes was interrupted during the Great Recession, NAHB reported on its blog.
The American Institute of Architects is crafting a database that would catalog stalled development projects around the country, eyeing as an audience lenders and potential investors.
The Washington, D.C., region is expected to round out the year as the top-performing housing market in the country, according to a new report from real-estate tracking firm Clear Capital. Over the next six months, home prices in the D.C. area are expected to rise 2.8 percent.
In an interview on Bloomberg Television last week, billionaire Warren Buffett said the country's unemployment rate will improve substantially once the home-building sector rebounds. Buffett said that people will be surprised how quickly employment improves once the excess houses are bought and normal levels of construction resume.
Pulte Homes and McBride & Son are bulking up on new developments in the St. Louis area as the economy slowly recovers, according to the St. Louis Daily. Both companies are buying lots that banks had taken back from smaller builders who were overwhelmed by the two-year recession.
When the housing market collapsed, buyers became more interested in smaller, energy-efficient homes and smaller lot sizes, but bigger houses might be coming back.