Chicago home prices reach record high as summer market sizzles

It could be a sizzling summer for some Chicago home sellers, but many who nabbed a low mortgage rate feel stuck in place , local real estate broker Jeanne Keating says.

Why it matters: With the most fruitful house-selling season in full swing, we're checking out where the market stands.

What they're saying: Single-family homes , suburban digs and multi-unit properties that can be rented out for extra income are hottest, usually receiving numerous offers, Keating tells Axios.

• Condos can be a tougher sell if they come with steep association fees or rental restrictions, she says.

The big picture: Chicagoland home prices rose to a record high in May, soaring 8% from a year earlier, Redfin data shows.

• Home sales in the metro area fell roughly 2% year-over-year, mainly because elevated mortgage rates are dampening the appeal and affordability of home buying .

What's next: Mortgage rates could remain high for longer. The Fed signaled in June that only one interest rate cut is coming this year.