NAR in the News
The articles on this page are samples of media coverage related to the Power of 'R' messages.
U.S. home resales rose in June to their highest level in nearly 8-1/2 years, a sign of pent-up demand that should buoy the housing market recovery and overall economy. The National Association of Realtors said on Wednesday existing home sales increased 3.2 percent to an annual rate of 5.49 million units, the highest level since February 2007.
The Washington Post
(07/21/2015) The biggest challenge for many would-be buyers is that there are not enough homes on the market. In some areas with low inventory, homes are being snatched up within a matter of days. That’s despite the rise in home prices, which increased by 4.9 percent in April from the year before, according to the most recent data from the Standard & Poor’s/Case-Shiller 20-city home price index. “Good for homeowners, not good for potential buyers,” says Lawrence Yun, chief economist for the National Association of Realtors.
(07/18/2015) Chris Polychron, 2015 president of the National Association of Realtors, said he thinks Des Moines’ optional seller contract is the first of its kind and he hopes other real estate firms adopt it. “I think they have been pioneers in a serious problem,” he said. Meeting prospective buyers in public and checking their ID discourages would-be attackers and allows agents to spot red flags in a safe place, he said.
(07/16/2015) The National Association of Realtors®, which has lobbied strongly in favor of speeding up regulations, issued a letter ahead of the hearing asking for clear federal regulations. "Commercial use of [drones] has the potential to boost the U.S. economy, bringing research and manufacturing jobs to our country along with a new crop of small businesses specializing in their uses," the association said.
(07/16/2015) According to the National Association of Realtor's latest Foot Traffic report released on July 8th, interest in purchasing a home increased during the month of June. The report provides information regarding the amount of foot traffic seen at open houses and showings nationwide. An increase in foot traffic bodes well for the future of the real estate market.
Fort Worth Star-Telegram
(07/10/2015) People buy and sell homes for many reasons. Perhaps they need to relocate for a job, or maybe they simply want a change of scenery. However, according to the National Association of Realtors® 2015 Home Buyer and Seller Generational Trends Report, if you are 50 years or older, chances are you are selling your home to downsize.
(07/06/2015) Buying a home is a financial goal that has been delayed for many Americans thanks to the recent recession. With the economy continuing to strengthen in 2015, however, many wannabe homeowners have decided it's time to buy their first homes. One-third (32 percent) of home purchases made in May 2015 were by first-time home buyers, according to the National Association of Realtors (NAR). Lawrence Yun, chief economist for NAR, called this "an encouraging sign" stemming from "strong job gains among young adults, less expensive mortgage insurance and lenders offering low down payment programs." According to Yun, first-time buyers entering the market will continue to increase.
Alaska Airlines Magazine
(07/06/2015) According to Jessica Lautz, the National Association of Realtors (NAR) director of survey research and communications, many second-home buyers are looking for a retreat that will become their permanent home. That was an insight gleaned from NAR’s 2015 Investment and Vacation Home Buyers Survey, which encompasses sales in 2014.
(07/02/2015) It’s widely known that Asia’s wealthy like to invest in property. But the rich in China are scooping up homes in the U.S. at a higher rate than any other group of non-U.S. investors, not only to get a nice return on their money, but to live there. They are also spending a lot more on their homes than U.S. home buyers or their international peers: Chinese bought homes worth US$831,000 on average last year, far more than the average U.S. house price of US$256,000 or the average price of about US$500,000 paid by an international buyer, a late June study from the U.S.’s National Association of Realtors finds.
(07/02/2015) The share of distressed sales dropped to less than 11 percent in May, a record low, from more than 18 percent a year earlier, RealtyTrac said. Such transactions "will fall further in the upcoming months," said Lawrence Yun, chief economist of the National Association of Realtors. There are "simply far fewer mortgages in the serious delinquent stage," Yun said in a housing forecast released Wednesday. "In fact, if one specializes in foreclosures or short sales, it is time to change the business model."
(07/01/2015) Today, the National Association of Realtors' social media handle, @NARsocial broadcast NAR Chief Economist, Dr. Lawrence Yun's housing forecast, offering insight into current events from the GDP to Greece, and how they play into the national market. While you can see a replay by downloading the Periscope app and locating @NARsocial (done by clicking the people icon at the bottom right of the app, searching for "NARsocial," and following the account run by NAR Social Media Director, T.J. Doyle), there is not yet a way to embed the feed here.
(06/29/2015) A sharp jump in interest rates may have deterred some home buyers in May. Signed contracts to buy existing homes, so-called pending home sales, rose just 0.9 percent in May from April, according to the National Association of Realtors, after a downward revision to April's reading. That is slightly lower than analysts predicted, but is still the highest level on the association's index since April of 2006. Pending sales are now 10.4 percent higher than one year ago.
(06/25/2015) Millennials have become more positive when it comes to taking the plunge into home ownership and are primed to gain market share in the second half of the year, according to the results of realtor.com’s consumer behavior survey of more than 12,000 respondents conducted from Jan. 1, 2015 to June 15, 2015. Jonathan Smoke, chief economist for realtor.com, revealed an in-depth analysis of these survey findings during a panel discussion at the National Association of Real Estate Editors conference in Miami.
(06/25/2015) The dire financial condition of Chicago and Illinois threatens to keep the metro area's already late and slow housing recovery from picking up much steam, says a top housing economist. "Anything that disrupts business confidence or job formation will eventually hit the housing market," Lawrence Yun, chief economist for the National Association of Realtors, said in an interview this week with Crain’s. Yun, who’s based in Washington, D.C., was here to speak yesterday to the Mainstreet Organization of Realtors, a Downers Grove-based association of more than 15,300 suburban brokers and others.
The Washington Post
(06/24/2015) When Federal Reserve head Janet Yellen was asked about housing issues last week, she gave an economist’s classic “on-the-one-hand, on-the-other-hand” answer. But because she neatly summed up the disparate economic realities confronting millions of owners, sellers, renters and would-be buyers around the country, it’s worth taking a closer look. On the one hand, she said, rising home prices have been terrific news for many owners. “The increase in house prices is restoring the wealth of many households who have [home equity] as their major asset,” she said. The National Association of Realtors reported Monday that first-time purchases in May rose to 32 percent of all buying activity — the largest share since September 2012.
(06/18/2015) China’s President Xi Jinping is peddling the notion of a Chinese Dream. Apparently that vision may include a suburban home in California. For the first time ever in percentage terms, Chinese investors snapped up more American residential real estate than any other group of international buyers. From March 2014 through March 2015, Chinese investors purchased $28.6 billion worth of single-family houses and condominiums in the U.S., according to the National Association of Realtors. Canadians, who had held top spot in percentage terms since 2008, have now been bumped to second place at $11.2 billion, while Indians rounded out the top three at $7.9 billion. In percentage terms, Chinese purchases made up 16% of foreign U.S. home transactions, Canadians 14% and Indians 8%. (The National Association of Realtors lumps together Hong Kong and Taiwan residents with mainland Chinese.)