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...
adjust takes time
Sellers are stubborn. It takes a long time for sellers to adjust their expectations.
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.
area atlanta changes confident continue growth housing less market next saying sensitive
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.
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.
rates
Obviously, many renters have become homeowners as rates have fallen.
difficult people san saying seattle supply
People have been saying that for 20 years. But in San Francisco, it's very difficult to build, so there's a supply constraint. Seattle is also encountering a supply-constraint situation.
clearly cooling healthy indicate market numbers pace record sales
Nationwide, the numbers clearly indicate the market is cooling, but cooling from the record sales pace in 2005. Now, we're experiencing what we characterize as healthy levels.
less market moving people putting regions south supply time
People are moving out of these regions to the South and the West. They're putting more supply on the market at the same time there is less demand.
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.
cut low prices rise strong
The strong rise in prices cut into affordability, even with the low rates.
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.
below close decision figure last mentally mortgage people prepare rise search snap
Home-buying is not a snap decision -- people mentally prepare for it and search for homes, and this is a three-to-four-month process. Plus, even with the rise in mortgage rates, they're still below last year's figure and still close to 45-year lows.
affordable dependent growth home homes job national overall prices risen sales slower
In the Midwest, where homes are very affordable and where home prices have risen much slower than the national average, sales are more dependent on job growth in the overall economy.
creation job prices time
Any time there's job creation, historically prices don't go down.