And in last month's report, economists say that half of the country was experiencing price gains. They've fallen over more than 6% in April. Sales have fallen more than 23% over the last year compared to last year's levels. And regionally, the focus will be on the Northeast. For existing home sales, what are we expecting tomorrow?ĭANI ROMERO: Economists surveyed by Bloomberg are expecting a drop about 0.7%. And just looking at where it's been historically, we're at the bottom end of a two-year range here, although we are a little bit elevated from December levels. And Dani, this report comes ahead of tomorrow's existing home sales data. Plus the Federal Reserve signaled that more interest rates hikes are expected this year, which could weaken demand and cause home prices to fall even further, Akiko. Home prices are lower, but the drop is a lot smaller on a month to month basis.Īnd some economists say that home prices have more room to fall given the fact that mortgage rates are rising. And one realtor in Miami is actually telling his buyers to offer higher money deposits, also waive contingencies, which can be risky. That is still higher than prepandemic levels. And for example, in May, over 37% of homes that were sold were sold above their asking price. The drop is causing bidding wars something, that we saw during the pandemic. New listings plummeted over 25% on a yearly basis. Home owners are reluctant to sell their home right now and list them. Redfin says that the number of homes hit a 11-year low in May. The lack of homes is really stirring up competition, pushing those prices up. Dani, any sign that there could be some relief down the road, at least with more supply coming online?ĭANI ROMERO: Akiko, it's not going to be easy to find a home this summer. Yahoo Finance's Dani Romero here with the details. Redfin reporting listings fell to a record low in May. Well, the pool of homes for sale is shrinking. Yahoo Finance's Dani Romero breaks down the state of the housing market. The number of homes for sale hit a record low in the month of May, according to Redfin.
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