DENVER — Lawrence Yun, the chief economist at the National Association of Realtors (NAR), has been attending the National Association of Real Estate Editors’ (NAREE’s) annual conference to talk about economic trends for seven years. “The first year I came, we had a problem: Not enough buyers,” he said this year. “This year we have a problem: Not enough sellers.”
- Homes are getting snapped up almost as quickly as they're being put on the market.
- Mortgage rates are expected to continue to rise, which could "lock in" some sellers and incentivize them to stay put.
- Equity is rising, but inventory remains a problem in many markets.