Sterling Bay has announced plans for a nine-story multifamily development — made of timber. Located at 2100 N. Southport Ave., it will be the tallest timber building constructed in the city since before the Great Chicago Fire.

The national rental vacancy rate dropped to 5.6% in the second quarter of the year while the homeowner vacancy rate remained at 0.8%.

The 30-year fixed-rate mortgage averaged 4.99% as of Aug. 4: down 0.8% from last week. The news marks the first time since April that mortgage rates have dipped below 5%.

Are your neighbors the worst? Whatever it is that grinds your gears, you can bet it comes in on this list of the top neighbor frustrations.

The platform, which recently announced its entry into markets across the country, is led in part by Josh Altman of Million Dollar Listing.

The Reed topped off on July 27. The 41-story, 440-unit community in Chicago’s South Loop neighborhood is a part of the Southbank master plan.

Chicagoland real estate associations are teaming up to launch NAR’s REACH program in the area. The REACH lab will connect local agents with start-up professionals aiming to innovate technology within the real estate sector.

Home prices were up 11% in Chicago on a year-over-year basis, compared to 18.3% nationwide, CoreLogic reported, citing its Home Price Index. 

Summer means umbrellas in your cocktails, frosé and parties! So, before summer ends, it’s time to celebrate.

Shaped like a flying saucer, this Tulsa, Oklahoma, home will transport you. The top floor reveals panoramic views of the beautiful skyline.

Mayor Lori Lightfoot, along with developers, are celebrating the topping off of 43 Green Residential, the first equitable transit-oriented development on Chicago’s South Side.

“Contract signings to buy a home will keep tumbling down as long as mortgage rates keep climbing, as has happened this year to date.” — National Association of Realtors chief economist Lawrence Yun  

Matching June’s historic move, the Federal Reserve announced that interest rates are rising .75%. The target range for the federal funds rate now sits between 2.25% and 2.5%.

At the same time, the inventory of new homes for sale rose 10.7%, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.

“Housing data for May 2022 continued strong, as price gains decelerated slightly from very high levels,” Craig J. Lazzara, managing director at S&P DJI, said.

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.