The number of homes for sale nationwide dropped below 700,000 in December, hitting an all-time low, while home prices were up double-digits over the year prior, according to realtor.com’s Monthly Housing Trends Report.

Homeowners nationwide enjoyed a more than 8% increase in home prices over the last 12 months ending in November, making it the largest year-over-year increase since March 2014, according to the CoreLogic Home Price Index.

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Inventory also reached its lowest point in the report’s history, down 31.8% from the same time last year and down 13.3% from October.

More than half of Redfin listings (54%) experienced bidding wars in November, down only 4 percentage points from the previous month, according to the online broker’s new report.

The Chicago City Council Committee on Housing and Real Estate at its Dec. 15 meeting voted 22-1 to send an ordinance to the full council that would legalize the construction and conversion of basement and coach house apartments in five “pilot areas.”

The flight of homeowners from large urban centers to the suburbs has unexpectedly begun to reshape residential real estate, but luxury property in large cities have also gotten a boost from the hot market.

Lendlease has announced its new development The Reed, a 41-story luxury residential high-rise, as the next phase of its Southbank development in Chicago’s Printers Row neighborhood.