REALTORS® reported that the inventory of homes for sale remains very tight, resulting in multi-bidding in some cases.
Will the recovery in the housing market last? How will Europe's financial issues effect the US market? Nobu Hata interviews NAR Chief Economist Lawrence Yun to get the answers.
In this video, NAR Chief Economist Lawrence Yun talks about pending home sales, which rose strongly in October with mixed regional results.
Pending home sales rose strongly in October with mixed regional results.
With multifamily housing back on its feet, NAR Chief Economist Lawrence Yun said the more hopeful tone in Washington may pave the way for a full commercial recovery.
Most of the major commercial real estate sectors show gradually improving fundamentals and are easily absorbing the relatively small amount of new space that is coming online, with a full recovery already in the multifamily market, according to the National Association of Realtors® quarterly commercial real estate forecast.
The large increase in housing starts to 894,000 indicates progress towards stable overall vacancy rates, but further increase is needed, to 1.3 million, to reach that stability.
Sales are being driven by strengthening fundamentals—the improving jobs picture, rising rental rates, continuing low interest rates and housing affordability—and prices are gaining on reduced supply.
More than they have in the past decade, two-income married couples are fueling today's home buying and selling market, and they are turning to REALTORS® to help them.
Sales of existing homes increased in October, even with some regional impact from Hurricane Sandy, while home prices continued to rise due to lower levels of inventory supply, according to the National Association of Realtors®.