The number of empty home lots in the Chicago area continued to fall last quarter amid a rebounding residential market.
The area had a 12.2-year supply of lots ready for new single-family homes, duplexes or town homes in the second quarter, down from 13.3 years the previous quarter and 17.3 years in second-quarter 2012, according to Metrostudy, a Houston-based firm that tracks the housing market.
The latest figure marks the seventh straight quarterly drop in lot supply, which peaked at 21.4 years in 2011.
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Meanwhile, the number of vacant lots fell to 51,808, from 53,212, driven by recent gains in the for-sale housing market.
Read more in Crain’s Chicago Business.
