Mortgage rates continued to weigh on homebuyers in September, following a brief uptick in new-home sales in August.  

At the same time, mortgage applications declined 1.7% on a seasonally adjusted basis on a week-over-week basis, according to the Mortgage Bankers Association. 

In Chicago, home prices posted an 11.3% year-over-year gain in August, compared to a 12.7% gain in July. Month over month, prices fell 0.5%.

As fall wears on, the local market shows continued seasonal cooling, according to the latest snapshot from CAR.

Chicago home values have also rose above affordability norms.

Illinois homes stayed on the market for the same amount of time during September 2022 and 2021 — 25 days on average — even as prices rose.

The only other time the market saw such change was at the beginning of the pandemic. 

Month over month in September, existing-home sales slid 1.5% to 4.71 million, which is 23.8% lower than the year before. 

New data from the Mainstreet Organization of REALTORS® offers a positive look at the Chicagoland real estate market.

New home construction missed analyst estimates in September, falling 8.1% month over month to an annual rate 1,439,000 homes, according to government statistics. 

Mortgage rates rose to 6.9%, the highest they’ve been since April 2002.

A trolley tour on Oct. 15 will showcase nine affordable properties that are currently for sale though the Chicago Housing Trust.

On Sept. 23, nearly 50 volunteers from Baird & Warner gathered to help construct four homes by Habitat for Humanity Chicago on the city’s South Side.

First-time homebuyers now make up 45% of current homebuyers, according to Zillow. The numbers represent a rebound from the lows of the pandemic.

Peak Realty Chicago and its sister company Peak Properties, LLC, are making significant strides at Southport Lofts: a newly redeveloped, mixed-use building adjacent to Lincoln Yards.

The new franchise will be the brokerage’s 16th in Europe as it pursues other expansion opportunities around the world.