Chicago’s average monthly rent payment is $1,874, while the average monthly mortgage payment — with a 6.8% mortgage rate — is $1,828.

Home sales are down and time on market is up in the Chicago suburbs. But according to the Mainstreet Organization of REALTORS®, this is only “part of the picture.”

Sam Zell, the billionaire businessman who founded Equity Group Investments (EGI), died Thursday at his home due to complications from a recent illness, the company announced. He was 81.

Multiple-offer situations have returned with the spring buying season while distressed and forced sales are “virtually nonexistent,” the National Association of REALTORS® said.

The hire follows the December 2022 firing of the homebuilder’s senior vice president for field operations, who had been tapped to become COO on Jan. 1. 

Single-family permits also posted a gain, indicating even more new homes are headed to today’s supply-constrained housing market. 

One organization working to combat LGBTQ+ youth housing insecurity in Chicago is The Night Ministry.

Homebuilder optimism was buoyed by continued shortages of new housing inventory, the National Association of Home Builders reported. 

Realtors will be required to complete two hours of training every three years beginning in 2025. 

Chicago’s April average home value rose from March as pending sales stayed flat and new inventory fell.

The mortgage industry decried the proposed loan-level pricing adjustment for borrowers with higher debt-to-income ratios. 

A recent study used MLS data from 200 U.S. cities to determine which city offers the most square footage for $1,500 per month.

Interest rates on mortgages of all types declined last week, spurring an uptick in borrowing, the Mortgage Bankers Association reported. 

Price hikes are slowing down and inventory is up — generally — but less expensive homes are bucking larger market trends. According to Zillow, the price of bottom-tier homes increased 8% year over year, while bottom-tier inventory increased just 1%.

Redfin has launched a ChatGPT plug-in to help buyers find their new home, a potentially powerful tool in their arsenal as today’s homebuyers work to find the perfect home.

NAR Chief Economist Lawrence Yun said the Federal Reserve’s latest increase in its benchmark interest rate is an unnecessary threat to many small regional banks.