All signs point to the fact that The Real World: Hollywood house is currently under construction. A new report from LA Curbed states tha the new Hollywood house will be located on the old CBS building lot on the corner of Sunset and Gower just blocks from the world famous Hollywood/Vine intersection, where among other things, the Kodak Theater is located.
While this seems like a perfect opportunity to film a Real World series in an old converted studios that once filmed shows like I Love Lucy and The Jack Benny Show, there are some conflicting reports that has suggested this lot was intended for a massive redevelopment that had nothing to do with the Real World.
To check out the CBS building in all its glory, check out this page which details its past, its Wikipedia entry, a picture from the Los Angeles Times, and this report that suggests that the site is intended for a mixed use project comprising more than 400,000 sf of office and retail space, 400 multifamily units and a 125-room hotel.
This doesn't mean that the Real World can't be filmed here of course. But it does mean that the house will be constructed in the old building, especially since, according to the Wikipedia page, there are heavy efforts underway to protect the preservation of the site. Google Maps has the complete street view of the complex.