Here come existing-home sales ...
Economists forecast that sales of existing condos, coops, and single-family homes fell by 0.4% at a seasonally adjusted annual rate of 5.55 million in May, according to Bloomberg. This is the busiest segment of the housing market, as most homes sold have already been built.
The NAR's April report showed that the median number of days a home spent on the market was 29, the lowest on record. That reflected "stubbornly low supply levels," according to the association, as demand continued to outstrip the number of houses available for sale.
That's driven up costs for buyers. "Although we have not seen a rapid acceleration in home prices, the steady gains of roughly 6% a year are outpacing average wage growth and creating affordability strains," said Sam Bullard, a senior economist at Wells Fargo, in a preview.
"Pending home sales, which tend to lead existing home sales by six to eight weeks, declined 1.3% in April, suggesting resales may also soften in May."