March/April 2016 Market Pulse

A glimpse at the state of the housing market at the start of the spring buying and selling season.

March 16, 2016

Real estate markets got a scare in November when home sales plunged almost 11 percent in one month, but they came roaring back in December and have remained strong since. NAR attributes the drop to delays from federal closing rules that took effect in October.

 

 

 

Top reasons for closing delays and cancellations

 

Financing is the biggest cause of closing delays, but property condition (home inspection/environmental issues) is most likely to cause transactions to collapse.

Source: NAR Research

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.