June Home Sales Slightly Down

After the three-and-a-half year high in May, sales of existing homes dipped slightly in June.  The June sales number lowered 1.2% to an annual rate of 5.08 million compared to 5.14 million in May, according to the National Association of Realtors.  It is good to note, however, that compared to June of 2012, sales are up 15.2% - a fantastic figure.

Why the dip now?  It is likely that the rising mortgage interest rates alongside a lack of inventory has something to do with it.  June's Chicago-wide supply was 2.8 month's of inventory at the current sales pace - down a whopping 57.4% from this time last year.  The market still highly favors sellers.

Many sellers see the surface facts and believe that in a seller's market with limited inventory, they can make more money by overpricing their property.  Sellers are urged not to get too confident with the current conditions, however, especially with the recent slowing in home sales.  Additionally, there is nothing that will turn a buyer away quicker than an overpriced property.  (Click here to read why)

Sellers, where does your property stand with the current conditions?  Buyers, is now the optimal time to look?  Send me an e-mail or give me a call and we can assess your specific situation.