Tag Archives: Lawrence Yun

After a five-week string of declining rates, mortgage rates rose modestly for the second consecutive week, on the eve of the GSE’s enacting changes to loan-level price adjustments geared toward tackling housing affordability challenges nationwide.

While overall sales declined 22% from a year ago, existing-home sales dipped lower in March after month-over-month sales declined in three out of four major U.S. regions, according to a new report from the National Association of Realtors.

According to a new report from the National Association of Realtors, middle-income homeowners gained more than $120,000 in wealth over the past decade, as homeowners who benefited from home price appreciation were able to drop their debt by 21%.

Even as mortgage rates edge closer to the 6% mark, homebuyers nationwide are faced with the prospect of low inventory, with new listings having fallen 21.8% year-over-year nationwide.

As the summer buying season approaches, the National Association of Realtors expects pending home sales numbers to make further incremental increases this year.

"Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines," said NAR Chief Economist Lawrence Yun.

“Buyers responded to better affordability from falling mortgage rates in December and January,” said NAR Chief Economist Lawrence Yun.

Existing-home sales have declined 0.7% month-over-month from December 2022, and 36.9% year-over-year, as the median existing-home sales price rose 1.3% from one year ago to $359,000.

“A slowdown in home prices is underway and welcomed, particularly as the typical home price has risen 42% in the past three years,” National Association of Realtors Chief Economist Lawrence Yun said.

NAR reports that month-over-month, contract signings fell in three of four major U.S. regions, with only the Midwest showing signs of improvement.