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®

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.