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NAR Chief Economist Lawrence Yun expects moderate growth in home sales soon and says he is not overly concerned about a 0.4 percent decline in existing home sales in April.
“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,” says Yun. “Also, job creation is improving, causing wage growth to align with home price growth, which helps affordability and will help spur more home sales.” Members can login and read the NAR story.
The Midwest Region had almost no changes compared to March’s sales numbers, while the West saw growth and the South and Northeast regions had slight reductions, according to the NAR.
