RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
RISMedia
No Result
View All Result

Housing Predictions Ahead: REALTORS® Chief Economist Provides Market Insights

Home Latest News
By RISMedia Staff
August 28, 2018
Reading Time: 2 mins read
Housing Predictions Ahead: REALTORS® Chief Economist Provides Market Insights

Business man in suit with cityscape montage. The man is unrecognizable and you cannot see his face. He is superimposed onto a city skyline at sunset. He is holding a telescope looking into the city. Success, vision concept with copy space.

Nearly a decade after the Great Recession, Lawrence Yun, chief economist for the National Association of REALTORS® (NAR), says concerns that the housing market has peaked and is headed toward another slowdown are purely speculative, regardless of recent sales declines in some regions.

What’s in store for the future? Markets should slow down; however, this is due in part to insufficient supply and swiftly rising home prices instead of weak buyer demand. Yun predicts existing-home sales will drop 1 percent to 5.46 million in 2018 (down from 5.51 million in 2017). Home price growth, however, should remain strong, increasing an estimated 5 percent nationwide. And with an anticipated hike in inventory supply come 2019, home sales should stay afloat—existing home sales are predicted to rise 2 percent with home prices estimated to increase by 3.5 percent, according to Yun.

“Over the past 10 years, prudent policy reforms and consumer protections have strengthened lending standards and eliminated loose credit, as evidenced by the higher than normal credit scores of those who are able to obtain a mortgage and near record-low defaults and foreclosures, which contributed to the last recession. Today, even as mortgage rates begin to increase and home sales decline in some markets, the most significant challenges facing the housing market stem from insufficient inventory and accompanying unsustainable home price increases,” said Yun in a statement.

Low inventory levels, which have fallen for three consecutive years, along with bidding wars, are prevalent across the country. And while homebuilding has jumped 7.2 percent year-to-date to July, Yun says new construction is sorely needed to continue filling the gap. Carefully considered policy decisions should help alleviate the shortage.

“The answer is to encourage builders to increase supply, and there is a good probability for solid home sales growth once the supply issue is addressed,” Yun said. “Additional inventory will also help contain rapid home price growth and open up the market to perspective homebuyers who are consequently—and increasingly—being priced out. In the end, slower price growth is healthier price growth.”

“Rising material costs and labor shortages do not help builders to be excited about business,” added Yun. “But the lumber tariff is a pure, unforced policy error that raises costs and limits job creations and more home building.”

For more information, visit www.nar.realtor.

For the latest real estate news and trends, bookmark RISMedia.com.

Tags: Lawrence YunNARreal estate newsReal Estate News and InformationReal Estate Trends
ShareTweetShare

RISMedia Staff

Related Posts

Thriving in a Recession: Best Practices for Real Estate Team Leaders
Agents

Thriving in a Recession: Best Practices for Real Estate Team Leaders

August 16, 2022
Agents Believe Teams Are Key to Remaining in the Industry: Survey
Agents

Agents Believe Teams Are Key to Remaining in the Industry: Survey

August 16, 2022
Report: Wells Fargo Plans to Shrink Mortgage Business
Agents

Report: Wells Fargo Plans to Shrink Mortgage Business

August 16, 2022
RISMedia’s Newsmakers: Shining a Light on the Industry’s Iconic Leaders
Agents

RISMedia’s Newsmakers: Shining a Light on the Industry’s Iconic Leaders

August 16, 2022
How Does a Broker’s Price Opinion in Real Estate Work?
Agents

How Does a Broker’s Price Opinion in Real Estate Work?

August 16, 2022
Innovator or Imitator: A Deep Dive Into What Makes Compass Tick
Agents

Innovator or Imitator: A Deep Dive Into What Makes Compass Tick

August 15, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tip of the Day

Building With Purpose: Lessons From a Real Estate Power Couple

The Andersons, Alisha and Paul, started their team in Mesa, Arizona, in 2018 and have already risen to the Top... Read more.

Business Tip of the Day provided by
REGISTER NOW

Recent Posts

  • Thriving in a Recession: Best Practices for Real Estate Team Leaders
  • Agents Believe Teams Are Key to Remaining in the Industry: Survey
  • Report: Wells Fargo Plans to Shrink Mortgage Business

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • Reports
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

X