NAR’s Economist: ‘Not Concerned’ About Latest Dip in Home Sales

NAR Chief Economist Lawrence Yun said he is not overly concerned about the 0.4% dip in sales and expects moderate growth very soon. "First, we are seeing historically low mortgage rates combined.

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Lawrence Yun, NAR’s chief economist, said he is not overly concerned about the 0.4% dip in sales and expects moderate growth very soon. LOW MORTGAGE RATES "First, we are seeing historically low mortgage rates combined with a pent-up demand to buy, so buyers will look to take advantage of these conditions," he said.

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Rising lumber prices have added nearly $9,000 to the price of a new single-family. been climbing slowly but not as much as the market needs. There is a severe shortage of existing homes for sale,

. the median residential home sale price for April was. NAR’s chief economist, said he is not overly concerned about the dip in. What the latest census.

New Home Sales See Decline. Data from the Census Bureau also shows a dip in the market, with new home sales falling to a five-month low of 626,000 in May.This was below what economists had forecasted (680,000) and it was also a 7.8% decrease from the 679,000 seen in April, the largest decline since December 2018.

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"[The] larger-than-expected monthly dip in new-home sales does not diminish a steady string of year-over-year gains, although those year-over-year gains have steadily slowed over the first half.

Yun said he is not overly concerned about the slight setback and expects home sales to moderate soon. "First, we are seeing historically low mortgage rates combined with a pent-up demand to buy, so buyers will look to take advantage of these conditions", Yun said.

The number of closed sales came in at 898 for the month; a dip of 5. NAR’s chief economist, said he is not overly concerned. start-up or move-up homes into.

2019-05-31  · Lawrence Yun, NAR’s chief economist, said he is not overly concerned about the dip in sales and expects moderate growth very soon. “We are still seeing.