Lawrence Yun
Lawrence Yun
Lawrence Yun is a Chief Economist and Senior Vice President of Research at the National Association of Realtors. He oversees the production of existing home sales statistics and the popular Home Buyer and Home Seller survey reports. He regularly appears on CNBC, BBC, Bloomberg Television, and is often quoted in the media. Yun is also a frequent speaker at Real Estate conferences throughout the United States. In March 2008, USA Today listed him among the top 10 economic forecasters in...
counter creation experience flat force job jobs local markets million prices providing rising says
Our experience says prices do not go down when there's job creation in the local economy. In local markets where they are flat on jobs, they could see prices decline. But we're projecting 2.3 million new jobs this year. The job market is providing a buffer. It's a counter force to rising rates.
creation job prices time
Any time there's job creation, historically prices don't go down.
cut low prices rise strong
The strong rise in prices cut into affordability, even with the low rates.
compared five florida four increase markets might past percent prices recent seem small state year
Prices have doubled in some Florida markets over the past four or five years, so the 10 percent increase we're forecasting for the state this year might seem kind of small compared to recent trends.
bad building continue existing healthy home homes supply tight
The supply of homes is very tight for new and existing homes. We will continue to see healthy home-price appreciation. For non-home owners, that's bad news. But for home owners, that's building wealth.
couple decline frenzy past
What we had in the past couple of years was an unprecedented frenzy of activity. That's what we're seeing: A decline from a frenzied, unsustainable rate.
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I am confident in saying Atlanta will continue to see growth over the next year. The Atlanta area is less sensitive to changes in the housing market right now.
rates
Obviously, many renters have become homeowners as rates have fallen.
adjust takes time
Sellers are stubborn. It takes a long time for sellers to adjust their expectations.
affordable available continued forecast growth jobs number remains south steady
So long as the South remains affordable and the number of available jobs remains steady we forecast continued growth in Atlanta.
chicago due markets several stress
We have been monitoring several markets where there could be significant stress due to the market correction. Chicago is not on that list.
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You're seeing two separate markets. One is in the coastal regions where you're seeing a substantial decline in home sales. The second is in the middle part of the country, in the affordable regions, where the job market is more important than interest rates.
homes job market moving parents people strong
You need a strong job market with people in their 20s moving out of their parents' homes before rents recover.
additional buy gain household past saw typical wealth
A typical household in the past two years saw about a $20,000 gain in equity. That's not an insignificant chunk. Homeowners see that wealth and use it to buy additional goods.