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Real Estate | Barrington New Construction Update as U.S. Housing Starts Soar

Real Estate | Barrington New Construction Update as U.S. Housing Starts Soar

Home Newsroom Real Estate | Barrington New Construction Update as U.S. Housing Starts Soar

The U.S. Commerce Department’s latest report on housing starts shows the number of new homes under construction increased by 10% in January to an annual rate of 1.33 million. According to MarketWatch, housing starts are now at the second highest level since the recession following the financial crisis. Bloomberg reports that the only region to suffer a setback in beginning construction last month was the Midwest, which was impacted by severe winter weather.

The good news here is that more new home construction leads to a greater supply of properties and increased options for home buyers. That helps keep housing shortages, prices and interest rates in check. Stable interest rates are key to maintaining real estate market momentum. So this big picture trend is a positive on the local level.

That’s why the January Housing Starts report has National Association of Realtors’ Chief Economist, Laurence Yun doing a happy dance expressing optimism“Terrific news on housing starts in January with a solid 10% gain. This rise in single-family housing construction will help tame home price growth, and the increase in multifamily units should continue to help slow rent growth… Ultimately, there is still large room for improvement given the fact overall housing inventory is currently near historic lows.”

Yun says this boost in housing supply helps the economy and also may help the Federal Reserve temper the pace of future short-term rate hikes. “That’s because the slow upward creep in the broad consumer price inflation is principally being driven by rising housing costs. Simply put, more housing supply means a lower inflation rate, and potentially a slower pace of interest rate increases by the Fed.”  

Here in the Barrington area, the number of active new construction listings in January, 2018 was 42. That’s down -26.3% from the 57 Barrington area new construction homes for sale in January of 2017. We’ll continue to follow these numbers to keep you up to date with a local snapshot based on national trends over time.

Interested in new construction available today in Barrington? Here’s a closer look at the options currently on the market…

Open House Sun, Nov 1, 7 PM
Please verify times due to COVID-19
$919,999
Single Family Home For Sale
Active
5
BED
5
TOTAL BATHS
4,901
SQFT
207 West Hillside Avenue
Barrington, IL 60010
 
$899,990
Single Family Home For Sale
Contingent
4
BED
6
TOTAL BATHS
4,545
SQFT
24715 North Blue Aster Lot #50 Lane
Lake Barrington, IL 60010
Tallgrass Subdivision
Price Change - 5 days ago
$840,000
Single Family Home For Sale
Price Change
4
BED
6
TOTAL BATHS
4,200
SQFT
24571 Blue Aster Lane North
Lake Barrington, IL 60010
 
$790,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
3,600
SQFT
23525 North Owl Court
Lake Barrington, IL 60010
Walnut Grove Estates Subdivision
Open House Sun, Nov 1, 7 PM
Please verify times due to COVID-19
$748,000
Single Family Home For Sale
Contingent
6
BED
6
TOTAL BATHS
4,663
SQFT
27378 West Meadow Rose Court
Lake Barrington, IL 60010
Tallgrass Subdivision
Price Change - 2 weeks ago
$724,900
Single Family Home For Sale
Active
5
BED
5
TOTAL BATHS
4,200
SQFT
23279 Coyote Trail
Lake Barrington, IL 60010
Enclave of Heritage Estates Subdivision
$619,990
Townhouse For Sale
Contingent
3
BED
3
TOTAL BATHS
2,098
SQFT
510 Pershing Ct. Lot #10.01 Court
Barrington, IL 60010
Brentwood Subdivision
Open House Sun, Nov 1, 6 PM
Please verify times due to COVID-19
$574,900
Townhouse For Sale
Active
2
BED
4
TOTAL BATHS
2,231
SQFT
516 Pershing Court
Barrington, IL 60010
Brentwood Subdivision

Do you have specific questions about Barrington real estate, homes for sale or property values in your neighborhood? Would you like to know more details about how things look in the different villages that make up zip code 60010? Email RealEstate@365Barrington.com or fill out the form below and we’ll follow up with more information within 24 hours.

In the meantime, stay tuned for more local real estate market updates here at 365Barrington.com, published since 2010 by local REALTOR, Liz Luby of The Luby Group with @properties.

 

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