Tag Archives: Dr. Lawrence Yun

"The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices," said Lawrence Yun, NAR Chief Economist.

On an annual basis, existing-home sales (4.09 million) fell to the lowest level in nearly 30 years, while the median price reached a record high of $389,800 in 2023.

"Generally speaking, home prices are lower in expensive markets and higher in affordable markets, implying greater mortgage rate sensitivity for high-priced homes," said NAR Chief Economist Lawrence Yun.

“This recent low point in home sales activity is likely over,” said Lawrence Yun, NAR’s Chief Economist. “Mortgage rates are the dominant factor driving home sales, and recent declines in rates are clearly helping to stabilize the market.”

A recent Senate Banking Committee hearing addressed the nation’s homeownership gap, and provided recommendations on how to mend a market in peril.