The rate of new single-family home sales fell 16.6% from March’s revised number, while the median sales price jumped to $450,600 from March’s revised median house price of $435,000. 

“Builders are responding to higher mortgage rates and are chasing rising rents, with fewer homebuyers and more renters being forced to renew their leases.” — NAR Chief Economist Lawrence Yun 

Low inventory and rising interest rates have reduced prospective homebuyer purchasing power. 

Affordability and supply-chain issues continued to weigh on the sales of new single-family residences.

“More groundbreaking is welcome news for a supply-starved housing market.” — First American deputy chief economist Odeta Kushi 

Structured Development has officially launched the second phase of Harrison Row Townhomes, an affordable townhome community in East Garfield Park.

StorageCafe conducted a study on construction in the 50 largest metros — and among them, Chicago-Naperville-Elgin ranks eighth for growth.

“Builders are entering 2022 with backlogs that they are having a hard time completing due to material and labor shortages, and new-home prices are sitting near a historic high.” — First American Deputy Chief Economist Odeta Kushi

“Production disruptions are so severe that many builders are waiting months to receive cabinets, garage doors, countertops and appliances.” — NAHB Chairman Jerry Konter 

Single-family housing starts fell 5.6% from December’s revised estimate to 1,116,000, while multifamily starts slid 2.1% to 510,000, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development said.

The developer Belgravia Group has announced that condos in the new CA6 development are more than 80% sold.

Builders started to make headway against supply-chain issues that have hampered construction of homes in the face of high demand. 

While multifamily starts surged 13.7% compared to November, the pace of new single-family housing construction slid 2.3%, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

Taylor Morrison topped Lifestory Research’s annual list of America’s Most Trusted® Homebuilders — for the seventh consecutive year.

Ground has broken on Embry, a 15-story luxury boutique condominium in the West Loop. The Chicago-based real estate developer Sulo Development is heading construction, with completion set for spring of 2023.

The median sales price of new homes hit a new high of $416,900.