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®

Lawrence Yun is chief economist and senior vice president of Research at the  National Association of REALTORS®. He directs research activity for the association and regularly provides commentary on real estate market trends for its 1.1 million REALTOR® members. Dr. Yun creates NAR's forecasts and participates in many economic forecasting panels, including Blue Chip and the Harvard University Industrial Economist Council. He appears regularly on financial news outlets and is a frequent speaker at real estate conferences throughout the United States. USA Today recently listed him among the top 10 economic forecasters in the country.