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. 

Nationally, the median sales price slid 2.9% from June but rose 8.1% from July 2021, while closed transactions were down 16.6% on a monthly basis and 26.3% on a yearly one, RE/MAX said in its National Housing Report.

The Embry, a new development listed exclusively by Compass, is over 50% pre-sold. Its two penthouses will be released soon.

Homes were selling faster — at higher prices — in the state in July, according to new data from Illinois REALTORS®. The news comes following a month of decreased mortgage rates and tight inventory.

A recent decline in mortgage rates could return some purchasing power to buyers going forward, National Association of REALTORS® chief economist Lawrence Yun said. 

Compass revealed big losses — to the tune of $100 million — in its second quarter report. And as a result, the firm will no longer offer equity or cash incentives to new agents.

Home sales are down across Chicago’s suburbs as inventory remains historically low, according to new data from the Mainstreet Organization of REALTORS®.

The Chicago Association of REALTORS® (CAR) will induct Leon I. Walker, managing principal of DL3 Realty Advisors, LLC, into its Hall of Fame at September’s inaugural gala.

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 housing starts for both single-family and multifamily residences was down on a month over month basis, the U.S. Department of Housing and Urban Development reported. 

In Chicago, 44.2% of offers faced competition last month.

The NAHB/Wells Fargo Housing Market Index fell for the eighth straight month in August, as the key measure of builder confidence indicated a pessimistic outlook. 

The brokerage’s new “communities” will provide its agents with specialized training, technology, coaching and referral opportunities. 

Homebuyers may catch a break this month as rates have come down nearly a point from the recent high on fears of a recession.

Sellers using Zillow may request and view an offer directly from Opendoor and compare it to an open-market sale with a real estate agent. 

Chicago’s average monthly rent is $2,904, a 19% increase from the previous year.