National Association of Realtors Chief Economist Lawrence Yun presented his midyear forecast at the 2017 Realtors Legislative Meetings and Trade Expo. Yun predicted that a multi-year stretch of robust job gains paired with growing household confidence will bring existing-home sales to a decade high, but low inventory, the lack of affordable housing and modest economic growth are keeping homeownership rates at historic lows. The 2017 Q1 existing-home sales pace (5.62 million) is the best in a decade, and Yun says he expects for the year to end with 5.64 million existing-home sales -- a 3.5 percent year-over-year gain and the best sales pace since 2006 (6.47 million). Moreover, Yun expects the national median existing-home price to climb 5 percentage points over the next year. Housing starts to get a lift, but it won't be enough “The housing market has exceeded expectations ever since the election, despite depressed inventory and higher mortgage rates,” said Yun at th...
- National Association of Realtors Chief Economist Lawrence Yun presented his midyear forecast at the 2017 Realtors Legislative Meetings and Trade Expo.
- Yun says the future success of the housing market heavily depends upon housing starts, which need to be at 1.5 million to fulfill buyer demand.
The real estate event of the summer
Connect with other top producing agents at Connect SF, Aug 7-11, 2017