6301 Galena Drive (Photo credit: Photo credit: Douglas Barrett Photography)

Additional treasures within this partially underground property include a cozy sunroom, an open-concept living area and a secret room hidden behind a bookshelf.

Emily Jordan of REMAX Foothill Properties is managing the $640,000 listing.

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Pending home sales ticked up in August as some buyers got off the sidelines in the face of high prices and mortgage rates, the National Association of REALTORS® reported. Despite the bump, contract signings were still below last year’s levels.

“Buyers steadily entered into contracts in August even though mortgage rates increased,” NAR Chief Economist Lawrence Yun said. “However, the housing market is still sluggish, with contract signings below last year. This is due to higher mortgage rates offsetting the increased buying power created by job gains and income growth outpacing home price growth.” 

Specifically, pending sales inched up 0.3% from July but lagged August 2025 by 4.7%. 

“Nationally, contract signings today are running roughly 30% below where they were in the years leading up to the pandemic,” Yun said. “Transaction activity peaked in 2021 when mortgage rates fell to near 3%, a historic low, and has not approached that level since.” 

Regionally, pending home sales increased month over month in the South and West but declined in the Northeast and Midwest. Year over year, pending sales were down across the board. 

“Gains in the South and West were enough to lift pending sales nationally, even as activity fell in the Northeast and Midwest,” First American Financial Senior Economist Sam Williamson said. “But the rebound was modest, with contract signings still running behind last year’s pace across every region. The regional split points to pockets of improvement, though buyer momentum remains subdued across the country.” 

Of the 50 metro areas surveyed by NAR, several stood out for year-over-year gains in pending sales. Here are the top 10 markets:  

1. Richmond, Virginia (+11.3%) 
2. San Antonio-New Braunfels, Texas (+6.6%) 
3. Memphis, Tennessee (+6.4%) 
4. Virginia Beach-Chesapeake-Norfolk, Virginia (+5.1%) 
5. Cincinnati (+4.7%) 
6. Austin-Round Rock-San Marcos, Texas (+4.2%) 
7. Birmingham, Alabama (+4%) 
8. Sacramento-Roseville-Folsom, California (+1.7%)
9. Indianapolis-Carmel-Greenwood, Indiana (+0.9%) 
10. St. Louis (+0.2%) 

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The development will deliver 380 units, including 76 affordable units and 21,500 square feet of commercial space, including an international grocery store.  

Community amenities include: 

• Rooftop pool with cabanas 
• Outdoor fire pits 
• Fitness center 
• Pickleball court 
• Half-court basketball court 
• Dog run and grooming facilities 
• Resident lounges 
• 24-hour concierge service 
• Bike storage 
• EV charging stations 

Julep West Loop is located between Fulton Market, the Chicago Loop and the Illinois Medical District. Its location offers residents access to employment centers, transit, retail, dining and entertainment. 

The project will reportedly target a sustainability program that includes National Green Building Standard (NGBS) certification, energy efficiency strategies, green roofs, EV-ready infrastructure, water conservation measures, stormwater reuse systems and robust environmental management practices during construction. 

“Breaking ground on Julep West Loop marks an important step in Fengate’s growth in the United States and builds on our commitment to delivering high-quality rental housing where it is needed most,” said Alexander Glassman, managing director, U.S. investments, real estate, Fengate Asset Management. “With demand for housing in Chicago continuing to outpace supply, now is the time to advance well-located, mixed-use communities that connect residents to jobs, transit and amenities. Together with Mavrek, we are proud to help bring much-needed homes to the West Loop and create lasting value for residents, workers and the broader community.” 

Anthony Hrusovsky, partner and chief investment officer of Mavrek Development, adds, “As owner and developer, we’re responsible for creating a successful asset, not only for our investors but for the community as well.  The West Loop has become one of Chicago’s most in-demand neighborhoods, and we’re honored to support the continued growth of the area by delivering much-needed housing anchored by one of the world’s most reputable grocers.” 

Construction is expected to generate approximately $69 million in income for Chicago’s union construction workforce between 2026 and 2028. The project will take 21 months, with first occupancy anticipated in early 2028.  

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In a unanimous 12-0 vote, the Fed’s Open Market Committee voted to raise the target range for the federal funds rate by 0.25% to 3.75% to 4.00%. 

Energy shocks from the wars in Iran and Ukraine have raised cost of fuel across the board, with the price of a gallon of diesel topping $6 for the first time in history this week. At the same time, unemployment fears that triggered rate cuts last year proved overblown, as the unemployment rate has remained steady. 

“Economic activity is expanding at a solid pace,” the FOMC said following its meeting. “While uncertainty remains elevated owing, in part, to geopolitical developments, domestic spending has been resilient.  

“Productivity growth is strong, and capital investment is robust. Job gains have kept pace with the workforce, and the unemployment rate has changed little.” 

The Fed has a dual mandate to achieve maximum employment and keep inflation below 2%.  

High interest rates on home mortgages have sapped much of the housing market’s momentum this year, as the average contract interest rate for a 30-year mortgage almost hit 7% in the Mortgage Bankers Association’s most recent Weekly Mortgage Applications Survey, which was released just ahead of the FOMC’s Sept. 16 announcement. Mortgage applications slid 4.1% in the week ended Sept. 11, according to the survey. 

“Housing and mortgage activity slowed abruptly as mortgage rates moved higher over the past several weeks,” MBA Chief Economist Mike Fratantoni said after the Fed hike. “MBA forecasts two additional hikes from the Fed over the next year and expects mortgage rates to stay near current levels over the forecast horizon.” 

Longer-term interest rates, such as mortgages, have largely priced in this latest increase as well as future Fed hikes and are not expected to have much of a reaction to today’s news, Fratantoni said. 

While the increase in rates won’t be cheered by those in the market for a home, it could be the right medicine for the future health of the market, according to Mike Pappas, CEO of Miami-based Keyes Company.

“Getting a handle on inflation may be a pill we need to take in the short run to give us more stability for the longer run,” he said. “Higher interest rates will force some buyers to compromise on their expectations or pause — putting a lid temporarily on home appreciation. Sellers will need to make concessions for buyers — offering monies for a 2/1 buydown of the loans or help with closing costs to move their listings in this higher-rate environment.”

While a “higher-for-longer” rate environment will prolong today’s affordability squeeze, if it manages to cool inflation, sustainably lower rates could be in the offing, First American Senior Economist Sam Willamson.

“If firmer Fed action convinces investors that inflation is coming under control, long-term yields and mortgage rates could begin to decline before the Fed changes course,” Williamson said. “Until then, rising incomes and slower house-price growth may restore some purchasing power, but elevated mortgage rates will continue to constrain affordability.”

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MRED said the Sept. 15 preliminary injunction ruling is a victory for MLSs, brokers and the cooperative real estate marketplace nationwide. 

Zillow, on the other hand, said the ruling “is a step back for Chicago home buyers and sellers, at least temporarily.” While the company said it is disappointed with the ruling, they “remain committed to fighting for a fair and transparent housing market,” something the company says MRED and Compass are jeopardizing to “line their own pockets.” 

The preliminary injunction hearing requested by Zillow was held July 1–2 in the U.S. District Court for the Northern District of Illinois. The hearing focused on whether Zillow could continue enforcing its ban on MRED’s listing feed while its lawsuit against Compass and MRED proceeded toward trial. 

During the hearing, Zillow Chief Industry Development Officer Errol Samuelson said the company’s concern with Compass’ private listing model was that it routes buyers only through Compass agents. He said Zillow’s brand promise is to “show everything on the market” and that the company could lose consumer trust if it could not show everything for sale. 

At the time, Devin Daly Huerta, senior corporate communications lead with Compass, told Chicago Agent magazine that Zillow’s ban hurts consumers and “serves to entrench Zillow’s dominance and block consumer choice.” Compass said MRED’s PLN exists to give sellers control, privacy and flexibility and has existed for more than 10 years without complaint. 

The July hearing included testimony from executives and representatives of all three companies, including MRED Managing Director and Chief Technology Officer Chris Haran, MRED CEO Rebecca Jensen, Compass Regional Vice President Fran Broude, Compass International Holdings CEO Robert Reffkin and Zillow CFO Jeremy Hofmann. Expert witnesses Lawrence Wu and Debra Aron also testified. 

MRED said it “stood its ground” to protect a fundamental MLS principle: brokerages receiving other brokerages’ listing data may use it on their consumer sites if they follow applicable licensing requirements and display all listings approved for distribution. MRED also said the ruling reinforces the ability of MLSs to consistently enforce their rules and data licensing agreements. 

“Someone must ensure competitors follow the same rules and prevent powerful companies from deciding what the rules are for everyone else,” MRED said in a statement. 

Compass International Holdings also characterized the ruling as a victory for consumers, real estate professionals and brokerages. 

“Today’s ruling is a clear victory not just for Compass International Holdings and MRED, but for consumers, real estate professionals, brokerages and everyone in the real estate industry that wants to compete freely on behalf of their clients,” a Compass International Holdings spokesperson said in a statement. “This decision affirms that choice belongs to the homeowner, and any effort to punish consumers for exercising that choice is anti-competitive and harmful to consumers. Real estate professionals have a fiduciary duty to serve their clients; Zillow does not.” 

Zillow’s case against MRED has now been moved to private arbitration. 

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The campaign, which Realtor.com launched at SXSW in 2025, aims to encourage state and local officials to take advantage of the 21st Century ROAD to Housing Act, which passed earlier this year and is described as one of the most significant pieces of pro-housing legislation to come out of Washington in decades. The act seeks to spur new-home construction by expanding financing options, helping localities cut red tape and supporting a wider range of housing types. 

Let America Build is founded on a simple premise: “if America wants more homes, America must build more homes,” the group said in an announcement, noting that the United States currently faces a housing shortage of 4.03 million homes. The shortage is exacerbated by barriers to construction, such as government regulation, taxes, fees and other costs, which can add over 26% to the price of an average new single-family home.  

Founding participants include: Realtor.com, Zillow, T3 Sixty, eXp Realty and NextHome, the National Association of Home Builders, Veterans United, Habitat for Humanity, ICON, Land Use Labs, Home Services of America, RIS Media, the Asian Real Estate Association of America, the LGBTQ+ Real Estate Alliance and the National Association of Hispanic Real Estate Professionals.  

“Earlier this year, I challenged the industry to come together and unify. Let America Build is a result of that call,” Realtor.com CEO Damian Eales said. “Now after the 21st Century ROAD to Housing bill has become law, elected officials have the opportunity to make housing supply a visible community priority. This campaign aims to help Americans engage in real conversations about how their communities can create more housing opportunities.” 

The group noted that the founding partners are just the first members of the initiative and hopes to recruit more stakeholders. Those interested in learning more can visit LetAmericaBuild.org. 

“Let America Build brings industry stakeholders together with officials at every level of government to address the nation’s housing affordability crisis by removing inefficient zoning rules, unnecessary regulations, permitting delays and other barriers that keep builders from delivering more affordable, attainable homes,” NAHB CEO Jim Tobin said. “The campaign builds on the momentum of the 21st Century ROAD to Housing Act and advances practical solutions to help builders expand the nation’s housing supply.” 

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Since HWP’s founding in 2014, Hispanic household wealth has more than tripled across the U.S., with the wealth gap narrowing from $8.87 to $4.47 for White households for every dollar of Hispanic wealth in the country.

“The 2026 State of Hispanic Wealth Report provides an important and timely look at how Latino families are shaping the economic future of the United States,” Beto Pallares, executive director of HWP, said in a press release. “This report celebrates the progress already made and reminds us that Hispanic prosperity is essential to America’s continued economic strength.”

At the same time, other measures of wealth increased for Hispanic families, as well: As of 2025, nearly half of Hispanic households have a retirement account, and Latino trust ownership increased from 7% to 11.1% over the past year.

However, new policies — like ramped-up immigration enforcement and restrictions on small business loans for noncitizens — could threaten Hispanic wealth growth in the U.S, HWP noted.

“Every data point in this report tells the same story: Latino families are building wealth faster than anyone else in America, and they’re doing it despite new obstacles being put in their path,” said NAHREP President Edwin Acevedo. “Protecting this progress is good for the entire U.S. economy.”

HWP’s 2034 goals

HWP has identified a number of goals for Hispanic wealth growth in the United States across four categories: real estate, business ownership, financial assets and asset protection.

Real estate-related goals the organization hopes to achieve by 2034 include:

• Maintaining a Hispanic homeownership rate of 50% or more.
• Increasing Hispanic-owned households to 11.5 million.
• Increasing Hispanic investment property ownership by 25%.
• Doubling the share of Hispanic real estate and mortgage professionals.

Recent policy changes

Certain policies from the current administration pose a challenge for Hispanic homeowners and business owners. Immigration enforcement has hurt the construction industry by shrinking the workforce. Many Latino-owned businesses have also struggled with a loss of customer activity as a result of stricter immigration policy, HWP said.

On the financing side, DACA recipients and individuals with Temporary Protected Status no longer qualify for FHA-insured lending, and lenders must now consider immigration status when evaluating borrowers for loans.

Loans from the Small Business Administration are also now restricted to U.S. citizens and nationals. With 52% of Latino businesses being immigrant-owned, that poses a threat to Hispanic entrepreneurs in the country.

The Census Bureau estimates that international migration will decline 75% in 2026, further intensifying labor and housing market shortages in the U.S.

Progress over the last several years

In spite of political headwinds, Hispanic wealth has come a long way in the U.S. since HWP’s founding over a decade ago. In 2013, the median Hispanic household net worth was $19,998. By 2019, it had grown to $42,380 and jumped to $63,400 by 2022.

The Hispanic homeownership rate increased to 49.5% in 2023, a promising sign for the demographic, especially when considering that Latinos are the youngest ethnic group in the country (the median Latino age is 31— 8 years younger than the national median and 12 years younger than a median-aged non-Hispanic White).

However, the homeownership rate dipped to 49% in 2024 and again to 48.5% in 2025. NAHREP and HWP attribute that decrease to rapid household formation outpacing the rate of Hispanic homeownership growth.

Despite the overall decrease in the Hispanic homeownership rate, the number of Hispanic households that own a home increased by 441,000 from 2024 to 2025, reaching 10.2 million. That was the largest increase among any demographic group and the largest single-year increase for Hispanic households since the U.S. Census Bureau began tracking the metric in 1975.

Real estate investment has also grown: In 2022, 9.5% of Latino households owned an investment property other than their primary residence. In 2025, though, Hispanic households accounted for 10.5% of all investment properties purchased with a mortgage, up from 8.1% four years prior. That amounted to over 41,000 investment properties, with 23% located in Florida, followed by 15% in Texas and 11% in California.

Looking forward, the Urban Institute projects that a majority of household growth will come from Hispanic families between 2020 and 2040 and that 70% of homeownership growth will come from Latinos.

A local look at Hispanic homeownership

In Illinois, the Latino homeownership rate was 58.8% in 2025. Comparatively, 67.6% of the general population owns a home in the state. Latinos were responsible for 45.6% of homeownership growth over the past decade.

Latinos make up 19.4% of the overall Illinois population at about 2.5 million. The median Latino age is 30.9, and 19.7% of the demographic has a bachelor’s degree or higher. The median Latino household income is $77,400.

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Nationwide, homebuyers could have up to 31% more active listings to choose from during the best week, as well as a median list price 3.5% lower than peak pricing. Buyers are also likely to see 1.2% more price reductions than average.

Meanwhile, competition is more likely to be decreased during that week, down 30.1% from the annual peak and down 14% from the average week. Homes also spend about 13 days longer on average.

“Home shoppers heading into fall will find an opportunity that has been hard to come by in recent years: more choices and less urgency. That window has consistently landed in early fall, and this year it arrives a bit earlier than the last couple of years as inventory and price reductions both peaked earlier this past fall,” Hannah Jones, senior economist for Realtor.com, said in a press release. “The week of Sept. 27 to Oct. 3 brings together the market conditions buyers value most — elevated inventory, less competition and prices that have eased from their seasonal high — giving prepared buyers more room to compare homes and negotiate with confidence.”

In Chicago, specifically, buyers who wait until the last week of September to buy stand to see 16.8% more active listings, 33.5% less competition, median list prices 5.8% lower than peak pricing and 1.4% more price reductions. Listings are also likely to spend 10 more days on the market than during peak buying times.

“Buyers should use this window strategically rather than treating one week as a deadline,” Jones said. “Shopping earlier in the fall may provide the broadest selection of fresh listings, while waiting later in the season may bring additional price flexibility. The right choice depends on a buyer’s budget, timeline and local market, but preparation — including understanding a realistic monthly payment and getting pre-approved — will be especially valuable this fall.”

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In the years since, RRF has assisted communities across the country in the wake of natural disasters and other tragedies. The organization has donated more than $53 million in housing funds to over 50,000 families, with ever dollar going directly to those in need.

“Twenty-five years ago, after the Sept. 11 terrorist attacks, Realtors came together to support families in need. Our Realtor family did this because we understand how housing provides a source of stability after tragedies occur,” RRF President Greg Hrabcak said in a press release. “Today, the REALTORS® Relief Foundation continues to deliver on the mission that spurred its creation. When a crisis upends a family’s life, RRF is there with real, tangible help when they need it most.”

RRF has granted over $3.28 million to families affected by 21 disasters in 2026 alone.

“Building and supporting communities sits at the very heart of who Realtors are, and this foundation is one of the clearest expressions of that,” Hrabcak added. “RRF, through the support of Realtors, our partners and the national, state and local associations, will continue to assist families in need after disasters occur for generations to come.”

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The numbers explain why. In the latest Case-Shiller release covering June, the national index rose just 1.5% year over year, a figure that barely registers once inflation is accounted for. Chicago, by contrast, led all 20 major metros the index tracks, with an annual gain near 6.9%. It was not a one-month fluke either. The metro has finished at or near the top of the rankings for the better part of a year while former pandemic boomtowns across the Sun Belt flattened or slipped into negative territory. That kind of separation between the strongest and weakest markets is unusual, and it puts Chicago in rare company. 

Local data tells the same story from the ground. According to Illinois REALTORS®, the median sale price in the city of Chicago reached $425,000 in July, up more than 13% from a year earlier, even as the supply of homes for sale kept shrinking. It is the same pattern that has held across the region for three years: not enough listings, steady demand and prices that grind higher as a result. For a seller who assumes a soft national market means they need to discount to move, that is worth stating plainly, because the assumption is simply wrong here. 

Leadership on appreciation is not a license to overprice, though, and this is where agents most often get clients into trouble. Current figures on Chicago market trends show a median list price around $369,000, with homes going under contract in roughly 32 days, a touch faster than the 34 days the same period took a year ago. Look closer, and about 877 of the more than 8,300 active listings have already cut their price. That is better than one in 10 homes on the market admitting they launched too high. A market can lead the country in price growth and still punish an overpriced listing, and in Chicago right now both of those things are true at the same time. 

The reason a bad price gets exposed so quickly comes down to buyer budgets. Freddie Mac pegged the average 30-year fixed rate at 6.71% in early September, the highest in over a year and up from 6.50% last fall. Every uptick shaves a little off the price a given buyer can reach, so the pool of qualified interest for an ambitious number thins out fast. Think of it as two forces working in opposite directions. Appreciation and scarce inventory lift the floor under prices. Rates set the ceiling on what any single buyer will actually stretch to pay. The listings that stall are almost always the ones priced as if only the first force existed. 

In a seller consultation, the cleanest move is to separate the trend from the tactic. The trend that Chicago homes are appreciating faster than almost anywhere in the country is honest reassurance for an owner deciding whether the timing is right. The tactic, where to actually set the price, has to come from the last month of comparable sales on that specific block, not from the citywide median and not from what a neighbor got in a very different rate environment two years ago. Citywide numbers are a story, not a pricing model. Framed this way, you are neither talking a client down nor indulging a fantasy number. You are showing them that the market tailwind and the pricing decision are two separate conversations that happen to be running at the same time. 

The same precision pays off with buyers. Clients who have internalized the national soft-market story often show up expecting leverage they do not have, then lose heart after dropping a well-priced home in a single weekend. Walking them through the active homes for sale in Chicago and how quickly the reasonable ones move resets expectations before the first offer instead of after three defeats. It also reframes the price-reduced listings as the actual opportunities — the sellers who mispriced and are now motivated — rather than encouraging a buyer to hunt for a discount on everything, including the homes that are correctly priced and will not move. 

None of this is a case for pressure. It is a case for precision. Chicago’s grip on the top of the appreciation tables is a durable, defensible story and it is one most clients only half understand from the national coverage they consume. The agents who win the listing and keep the buyer engaged this season will be the ones who can hold two ideas in the same breath: the market is genuinely strong and that strength is no excuse for a lazy price. Bring the data, name the neighborhood-level reality and let the numbers do the persuading. 

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