Tag Archives: Lawrence Yun

Since mortgage rates hit nearly 8% last October, Redfin has found that homebuyers on a $3,000 monthly budget have gained significant purchase power since that time.

Pending home sales in November remained the same as October 2023's report, however NAR expects that to change as the downward trend in mortgage rates is expected to shift home sales upward to close out 2023.

"Metro markets in southern states will likely outperform others due to faster job increases, while markets in the Midwest will experience gains from being in the most affordable region,” said Lawrence Yun, the NAR’s Chief Economist.

“Today’s data signal that home sales activity is likely to remain steady, at a low level, over the next few months as limited options and significant affordability challenges weigh on buyers,” said Realtor.com Senior Economic Research Analyst Hannah Jones.

"Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation," said NAR Chief Economist Lawrence Yun.

"There's tremendous difficulty in the commercial real estate market with higher interest rates," said Lawrence Yun, the Chief Economist for the National Association of Realtors. But are there changes on the horizon?

“These high interest rates have had a great impact on the U.S.’ overall economic performance,” said National Association of Realtors Chief Economist Lawrence Yun. “Statistically, this is much better than the historical average, but if we look at this component, there are some worrying signs in the economy.”

"Because of homebuilders' ability to create more inventory, new-home sales could be higher this year despite increasing mortgage rates. This underscores the importance of increased inventory in helping to get the overall housing market moving," said Lawrence Yun, NAR’s Chief Economist.

Why did NAR Chief Economist Lawrence Yun state that "the Federal Reserve simply cannot keep raising interest rates”? Check out the latest housing market data breakdown from the Existing-Home Sales Report.

NAR reports that pending home sales dropped in all four U.S. regions month-over-month and compared to one year ago, as mortgage rates above 7% continue to impact homebuying.