The inventory of new homes for sale surged year over year, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.    

The Irving Park development will bring 45 affordable residences to market. 

New single-family home construction declined as builders continue to grapple with macroeconomic headwinds. 

Banner Real Estate Group broke ground on The Faywell, a 334-unit multifamily community in downtown Wheaton, after nearly five years of development.

The residences are located on the 800 block of North Homan Avenue in Chicago’s Humboldt Park neighborhood.

The organization issued a statement in support of the pro-development campaign at its annual meeting in Tampa. 

Homebuilder sentiment recently reached its third-lowest level since 2012. 

1Fifteen at Michigan Station, a $48.3 million mixed-use housing development, is set to transform a key corner in Chicago’s Roseland neighborhood, the city announced.

The top six floors of the 10-story building at 111 W. Illinois St. will be converted into 153 market-rate apartments. 

With the additions, Roosevelt Square has opened almost 900 of 2,000 planned mixed-income apartments since work began in 2006. 

The fifth and final phase of Parkside at Old Town will add 99 market-rate and affordable apartments to the community. 

At the same time, days on market rose, and existing-home sales declined.

The surprisingly large decline in the pace of housing starts comes as builder sentiment remains depressed by tariff worries and high prices. 

The pace of new-home construction was higher than economists expected, even as homebuilders expressed concern about the impact of tariffs and supply-side challenges. 

At the same time, the median sales price for a new home hit its highest level since 2022, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.   

At the same time, builder sales expectations for the next six months posted their second-largest drop since the sentiment index started in 1985.