Real estate brokers, real estate executives and real estate agents are all talking about how the industry will benefit from the latest wave of interest in homes, apartments and condominiums in a big way.
As part of its latest “The Real Estate Industry is Moving to the Smart Apocalypse” series, Crain’s BusinessWeek has compiled a list of the most notable properties that are being sold off quickly at record prices, according to recent research.
A recent Crain report said sales of condos and townhomes in Chicago and other metro areas increased 8 percent in May from the same month a year ago.
Sales of homes in New York and Boston also increased at an 8 percent clip, the report said.
The average price of a single-family home in Chicago was $1.35 million in May, up from $1 million a year earlier.
The report noted that a number of cities, including Miami and San Diego, are seeing record-low home prices.
But other cities, particularly in New England, are starting to see double-digit increases in home sales.
Sales of condos in New Orleans rose 10 percent in April, Caine’s report said, citing data from Trulia, a real estate data service.
Sales in Los Angeles and San Francisco also jumped 12 percent, according the report.
Sales are also on the rise in Chicago, where home sales increased 12 percent from a year prior.
And sales of single-unit houses and condos jumped 18 percent from May 2015.
In May, New York’s median price of $1,900 was down from $2,300 in April.
The median price for a two-bedroom townhouse in New Jersey was $2.3 million, according a survey of 2,800 buyers.
Sales in Chicago also dropped 11 percent in the same period.
“The real estate industry has always been about getting more affordable homes to people, so we have to make sure people can afford the houses and apartments they want,” said Richard M. Danko, chief executive of the Chicago Real Estate Board.
“It’s a very important part of the national economy, especially in New Haven.”
Some of the biggest buyers are people who bought their first home in 2005 or bought it during a recession, said Peter Dornbusch, president of the Illinois Association of Realtors.
Many people now have more money than they did then.
“They have a little bit more disposable income to buy,” Dornbuisaid.
“We’re seeing this in the Chicago area.
People are taking advantage of that.”
The latest housing boom has led to an increase in interest in other types of real estate.
The housing market is being driven by an influx of buyers and sellers from cities like New York, New Orleans and San Antonio, Dornbuss said.
New York, with its booming stock market and home prices, is seeing double-digits in sales, which has led the market to boom in condos.
The city has seen a 10 percent increase in condo sales since the beginning of the year, according