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®

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.