NAR Chief Economist Lawrence Yun said Friday there could be a brief bump in home sales after the government shutdown. Here are the other market forces he's watching.
The gain in existing-home sales once again reflects just how much consumers respond to lower mortgage rates, NAR Chief Economist Lawrence Yun said during a press call on Thursday morning.
Sales slowed month-over-month to an annualized rate of 4 million homes sold this year, according to a new report released Thursday by NAR.
Existing-home sales declined by 2.7 percent from May 2025 but held steady compared to one year ago. Mortgage rates and high home prices continue to dissuade potential buyers.
Even with more inventory entering the market, homebuyers are struggling with elevated mortgage rates, NAR Chief Economist Lawrence Yun said, leading to fewer signed contracts.
A remodeling "supercycle," heartache for first-time homebuyers and heightened activity in the South and Midwest were among the possibilities at NAR's Real Estate Forecast Summit Thursday.
The Pending Home Sales Index (PHSI) rose to 74.3 in June, while pending sales were down 2.6 percent year over year.
As the U.S. dollar's value and home sale prices rose from April 2023 to March 2024, international buyers shied away from investing in U.S. real estate, according to a new report from NAR.
NAR Chief Economist Lawrence Yun told CNBC he expects mortgage rates to settle around 6 percent, a prediction he’s made before. A look back at two years of his forecasts amid a chaotic economy.
Elevated mortgage rates continued to curb homebuyer activity in May, NAR reported. As inventory increases in upcoming months, slower home price growth will follow, and likely more buyers hitting the market.
Contract signings fell 7.7 percent between March and April to a score of 72.3 on the Pending Home Sales Index last month, according to data released Thursday by the National Association of Realtors.
Homes at the higher end of the market — priced at $1 million or more — enjoyed the spoils with inventory and sales rising by double digits from a year ago, according to data released Wednesday by NAR.