Content about Lawrence Yun

Existing-home sales edged up in January, while a seller's market is developing and home prices continue to rise steadily above year-ago levels, according to the National Association of Realtors.

Total existing-home sales increased 0.4% to a seasonally adjusted annual rate of 4.92 million in January from a downwardly revised 4.90 million in December, and are 9.1% above the 4.51 million-unit pace in January 2012.

Total existing-home sales declined 1.0% to a seasonally adjusted annual rate of 4.94 million in December from a downwardly revised 4.99 million in November, according to the National Association of Realtors. They are 12.8% above the 4.38 million-unit level in December 2011. 

The preliminary annual total for existing-home sales in 2012 was 4.65 million, up 9.2% from 4.26 million in 2011. It was the highest volume since 2007 when it reached 5.03 million. 

The Pending Home Sales Index, a forward-looking indicator based on contract signings, edged up 0.3% to 99.5 in September from 99.2 in August and is 14.5% above September 2011 when it was 86.9. The data reflect contracts but not closings. 

In a survey by the National Association of Realtors (NAR) in September, 65% of realtors reported they had no contract problems relating to home appraisals over the past three months; 11% said a contract was canceled because an appraised value came in below the price negotiated between the buyer and seller; 9% reported a contract was delayed; and 15% said a contract was renegotiated to a lower sales price as a result of a low valuation.

Numbers released today by the National Association of Realtors (NAR) showed continued gains in-existing home prices but a slower market for sales. Completed transactions that include single-family homes, townhomes, condominiums and co-ops declined 5.4% in June compared with May. In year-over-year figures, June 2012 was 4.5% higher than June 2011.

Data from the National Association of Realtors (NAR) showed a decline in total existing-home sales for the month of March. 

Sales of existing-homes declined 2.6% to a seasonally adjusted annual rate of 4.48 million in March.

Still, economists from the NAR see signs of a stabilizing market in the figures. 

The National Association of Realtors (NAR) Pending Home Sales Index rose 2.0% to 97.0 in January, according to data released yesterday.

According to NAR chief economist Lawrence Yun, the numbers inspire hope for an active home-buying season this spring.

According to data released Monday by the National Association of Realtors (NAR), existing-home sales in October rose 1.4% to a seasonally adjusted annual rate of 4.97 million.

Compared to a year ago, the current figure is up 13.5%.

“Home sales have been stuck in a narrow range despite several improving factors that generally lead to higher home sales such as job creation, rising rents and high affordability conditions," said Lawrence Yun, NAR chief economist. "Many people who are attempting to buy homes are thwarted in the process."

Total existing-home sales in September decreased 3% to a seasonally adjusted annual rate of 4.91 million from an upwardly revised 5.06 million in August, according to the National Association of Realtors (NAR). The September figure is 11.3% above the 4.41 million-unit pace in September 2010.

This drop in existing-home sales comes just a day after the release of September housing starts, which showed 15% growth. 

Existing-home sales dipped in June by 0.8%, to 4.77 million from 4.81 million in May, according to the National Association of Realtors (NAR). This figure remains 8.8% below the 5.23 million unit level in June 2010, which was the scheduled closing deadline for the home buyer tax credit, the organization noted. 

Sales gains in the Midwest and South were offset by declines in the Northeast and West. Single-family home sales were stable, while the condo sector weakened.

Existing-home sales fell 3.8% to a seasonally adjusted annual rate of 4.81 million in May, compared with a downwardly revised 5 million in April, according to statistics released today by the National Association of Realtors.

“Spiking gasoline prices along with widespread severe weather hurt house shopping in April, leading to soft figures for actual closings in May,” said NAR chief economist Lawrence Yun.

While analyzing the March numbers for existing-home sales, Lawrence Yun of the National Association of Realtors made a case for low down payments