Lawrence Yun, Chief Economist of National Association of Realtors (NAR) was at the Residential Economic Issues & Trends Forum today, where he talked about current market turbulence, where the economy is heading, and what this means for the residential real estate.
- Early this year the NAR median house price was 8% higher than last year.
- Inventory was low pre-pandemic… Lower during pandemic.
Just watched Leslie Appleton-Young, VP Chief Economist of California Association of Realtors (CAR) spoke at a local meeting. According to a weekly survey done by CAR:
* Buyers & sellers took a time out mid-March-April
* Sellers cancelling open houses and listings – but not all
* Buyers postponing search, withdrawing offers, canceling escrow – but not all of them
* Job/Portfolio loss is chief reason for canceling escrow
* Buyers expecting prices to drop, sellers not so much
* Share of discounted listings has not budged
* Financing is the chief bottleneck in closing delays
San Mateo County Real Estate Report:
Santa Clara County Real Estate Report: