While sales of existing homes in the Chicago area have been on the rise, so too have the sales of newly constructed homes, which saw an 18.2 percent gain in 2012 compared to a year earlier, according to a new report from housing consultant, Tracy Cross & Associates. Single-family homes in the suburbs saw the biggest gains, Crain’s Chicago Business reports in today’s article, “Local new-home sales jump 18 percent in 2012.”

Tracy Cross, president of the Schaumburg-based firm, told Crain’s that he expects local new-home sales to rise another 20 percent to 25 percent this year.

In other news:

U.S. home prices post biggest jump in over 6 years – Chicago Tribune

Justice Department sues S&P over mortgage bond ratings – Chicago Tribune