Housing is in a slump.

From Marketplace, I'm Subruvenshaw in for David Brancaccio.

Sales of existing homes fell in April to about 4 million sales a year.

For comparison, almost 7 million existing homes were sold a year from 2020 to 2022.

Those numbers are from the National Association of Realtors. Later this

morning, we're going to hear how brand new homes are selling. Odds are, those numbers were down

two in April. And it's no surprise, really. Home prices are high, mortgage rates are high,

and there's lots of economic uncertainty. Marketplace's Mitchell Hartman reports.

Mortgage rates are now hovering near 7%, and the median

existing home price just hit 414,000, according to the National Association of Realtors.

Lori Goodman at the Urban Institute says for households that have been renting and are looking to own...

House price is far outpacing wage growth over the last five years.

Affordability is just severely challenged.

Meanwhile, builders are hesitant to break ground with borrowing and material costs so high.

The inventory of existing homes for sale is gradually improving.

Up 20% year over year, says Zillow economist, or Faye Diefungi.

If you have more supply coming on the market and inventory accumulating,

you should get downward pressure on prices.

Zillow forecasts home prices will fall nearly 1% over the next year, even more in top markets like New York, L.A., Chicago, Dallas, and Washington, D.C.

I'm Mitchell Hartman for Marketplace. Anytime there is a major natural disaster and people are desperate to put their lives back together,

they may feel a suddenly very real pressure to sell their land or what's left of their homes as quick as possible and at very low prices.

Investors trying to take advantage of that situation may offer very low prices.

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