February 2007 Market Pulse

The latest housing indicators for the real estate market.

February 1, 2007

Business Confidence: More Buyers Seen

Practitioners expect to see better home sale conditions in the months ahead as buyers start returning to the market in modest numbers and an easing in sellers helps to tighten inventories. Practitioner confidence was surveyed in October and looks ahead six months.

Results are based on 356 responses to 3,000 surveys sent to large and small real estate offices. The survey asks practitioners to indicate whether conditions are strong (100 points), moderate (50), or weak (0). Responses are averaged to derive results.

Home Sales: Two Months of Gains

A slight uptick in existing-home sales following a gain in the previous month suggests the housing market is poised for growth. A statistically marginal dip in NAR’s leading home sale indicator suggests the gains will be modest. Total existing-home sales, which include single-family houses, town homes, condominiums, and co-ops, rose by 0.6 percent in November to a seasonally adjusted annual rate of 6.28 million units from a pace of 6.24 million in October. The November pending home-sale index was down to 107.0 from 107.5 in October.

In 2012 NAR rebenchmarked its existing-home sales data going back to 2007, so reports published between 2007 and 2011 no longer contain up-to-date figures. Find the latest existing-home sales data at REALTOR.org. You’ll find more recent editions of Market Pulse here.

Lawrence Yun
Chief Economist and Senior Vice President of Research at the National Association of REALTORS®

Yun oversees and is responsible for a wide range of research activity for the association including NAR’s Existing Home Sales statistics, Affordability Index, and Home Buyers and Sellers Profile Report. He regularly provides commentary on real estate market trends for its 1.3 million REALTOR® members.

Dr. Yun creates NAR’s forecasts and participates in many economic forecasting panels, among them the Blue Chip Council and the Wall Street Journal Forecasting Survey. He also participates in the Industrial Economists Discussion Group at the Joint Center for Housing Studies of Harvard University. He appears regularly on financial news outlets, is a frequent speaker at real estate conferences throughout the United States, and has testified before Congress. Dr. Yun has appeared as a guest on CSPAN’s Washington Journal and is a regular guest columnist on the Forbes website and The Hill, an “inside the beltway” publication on public affairs.

Dr. Yun received his undergraduate degree from Purdue University and earned his Ph.D. from the University of Maryland at College Park.