Follow her on Twitter the latest financial and business news from Yahoo Finance Things like making small repairs and staging are important again."ĭani Romero is a reporter for Yahoo Finance. And sellers should know that their home may not attract as much competition as their neighbor’s home did two years ago, but it will sell if they price it fairly and put effort into marketing. "Buyers should keep in mind that desirable homes are getting multiple offers and selling above asking price. "The market isn’t nearly as fast as it was 18 months ago, when homes were flying off the market for well over asking price, and it’s not as slow as it was six or seven months ago, when mortgage rates first shot up," said Oakland, Calif., Redfin Premier agent Andrea Chopp. A typical home is going for $383,000, about $4,000 below last June’s all-time high. The median sale price is down 0.9% annually, indicating the smallest year-over-year decline in almost four months. Thanks to the lack of inventory, homes are selling close to their record highs set last year, Redfin data found. Houses under construction are seen in Mars, Pa., on May, 27, 2022. "The last housing starts print was very, very strong." "That corresponds with some of the activity that we've seen in housing starts, in general," Dillman said. Sales of newly built single-family homes rose for the third month in a row in May, up 12.2% from April – and a 20% gain over last year, according to the government data released last week.Īs a result, there were 428,000 new homes for sale by the end of May, which represented 6.7 months of supply at the current sales rate. Limited inventory in the resale market has prompted more buyers to flock to the new homes market. The biggest case for a rebound is coming from the new construction market. "So it appears to me that after about a year of some slowdown in general - in housing activity and disinflation and home prices - that we're now seeing a floor and then a potential rally," Brad Dillman, Chief Economist at Cortland, told Yahoo Finance Live (video above). The trifecta of datapoints is enough for one economist to say the housing market has bottomed.
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