Chicago summer home shoppers can't catch a break

This summer, one thing that's not going on vacation is home buying competition , says Chicago real estate broker Mary Jo Nathan.

Why it matters: House hunters are hurting . Just 21% of Americans say now is a good time to buy, according to the latest Gallup survey .

What they're saying: Bidding wars remain fairly common, Nathan tells Axios.

• Roughly half of Chicagoland homes sold above the asking price in June, per Redfin .

Catch up quick: Steep home prices , high mortgage rates and a lack of inventory are serious setbacks for shoppers.

• Pending home sales recently fell to the lowest level since the height of the pandemic lockdown, Axios' Courtenay Brown reports.

Reality check: Many of those who can afford to take the plunge are glad they did. That's the case for Sarah Martha, who's buying a condo in the city after looking at listings for about a year.

• "When I saw that the current [mortgage] rates are about average, and in many cases, lower than other points in time, I realized it's not a terrible time to buy," Martha tells Axios.
• The first-time homebuyer says she's excited to lock down steady housing payments and not have to worry about rent hikes.

The intrigue: Even some shoppers like Atlanta transplant Bruce Goff who are paying in cash and not worried about higher mortgage rates are having a tough time.

• Goff has been looking in Chicago since March and says he's disappointed in the selection of pet-friendly condos for his 50-pound emotional support dog.

The big picture: For 16 years (2005-2021), at least half of U.S. adults said it was a good time to buy a home, per Gallup. Since 2022, that share has dipped below 30%.

• Younger people feel especially pessimistic: 75% of those under 50 think home prices will continue to rise, compared to 60% of older adults.

What's next: When fall rolls around and kids are back in school, Nathan expects the market to further heat up.