The median price of a new home sold during the month was up 5.9%, however, according to figures from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

A new mixed-income, mixed-use community is coming to Chicago’s Woodlawn neighborhood: Park Station Lofts. Ground is expected to break soon.

The pace of new multifamily construction, however, jumped, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.  

Chicago Mayor Lori Lightfoot took her affordable housing plan a step further in late June, requesting an additional $69 million in funds — this comes after a $1 billion investment in the program from the city in December.

New-home inventory rose to 444,000 homes in May from 437,000 homes in April, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.  

New-home completions rose during the month, however, with the increased inventory representing a rare bright spot in an otherwise gloomy government report. 

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.