May/June 2016 Market Pulse

A snapshot of the current housing market conditions.

May 11, 2016

Low inventories and escalating prices continue to define residential real estate markets across the country. Low mortgage rates are a boon for business, but first-time buyers need a greater supply of homes and easier financing to get them back into the market at normal levels.





Speedier sales

The median number of days a home sits on the market before being sold has fallen by more than half over the last four years, from 98 days to 46 days. The sales pace for distressed homes, by contrast, has bounced up and down, but those homes comprise a steadily shrinking share of the market.


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.