May/June 2017 Market Pulse

A glimpse at the current state of the housing market.

May 10, 2017

Despite strong buyer interest, continuing inventory shortages led to a dip in closed sales in February. NAR Chief Economist Lawrence Yun says higher interest rates are also putting pressure on some would-be buyers. In a positive sign going into summer, NAR’s forward-looking pending home sales index showed contract signings moving higher in February.

Smoother Financing

The percentage of transactions delayed because of financing problems has steadily improved over the last two years, suggesting buyers are finding mortgage loans easier to close.

Financing-related snags remain the top transaction problem, accounting for 30 percent of all delays. Appraisal issues, at 22 percent, are the next biggest reported holdup.

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.