Lawrence Yun, chief economist of the National Association of Realtors®, said existing-home sales have shown a 20 percent cumulative increase over the past two years, while prices have gained 18 percent, but incomes have risen only 2 to 4 percent in the same timeframe.
The nation's housing markets gained traction in 2013, but lingering uncertainties will prevent a full housing market recovery, according to 2014 NAR President Steve Brown in a news conference today.
This year the National Association of Realtors® celebrates the 100th anniversary of the Realtors® Code of Ethics.
During the 2013 REALTORS® Conference & Expo in San Francisco today, the National Association of Realtors® launched a member awareness campaign and priority registration for the .Realtor top-level domain, as an alternative to the familiar and commonly used .com or .org domains.
During this year's conference, "Rise to New Heights," Realtors® will engage industry leaders and federal officials about Realtors®' top legislative priorities, the changing regulatory landscape, and the obstacles and opportunities facing consumers, real estate markets and the economy.
Realtors® joined forces with Habitat for Humanity of Greater San Francisco to help construct a multifamily housing development for low-income families in the San Francisco area.
The majority of metropolitan areas in the third quarter experienced robust year-over-year price gains, with the national median price showing the strongest annual growth in nearly eight years.
Although the housing market has shown a healthy recovery over the past two years, unnecessarily restrictive mortgage lending standards are preventing some financially qualified buyers from reaching their dreams, especially singles and first-time buyers.
Research by the National Association of Realtors® has consistently revealed that Americans prefer walkable, mixed-use neighborhoods and shorter commutes.
NAR believes that aligning the QRM definition with the QM definition removes the risky product features and low- or no-documentation lending that led to increased defaults, without excluding those buyers who are unable to afford a high down payment.