Lawrence Yun: Latest News

first-time homebuyers and likely not the first story you’ve heard, especially lately: tight inventory, multiple offers on rundown properties and houses selling for well over the asking price — sometimes by hundreds of thousands of dollars.Last year, the housing market sizzled across the nation, with annual existing-home sales hitting their highest mark since 2006, according to the National Association of Realtors (NAR)."After an initial lull in 2020, the market has been red hot and getting hotter," said Ron Melendez, a senior agent in Los Angeles with Compass’s The Stephanie Younger Group.So, how can first-time homebuyers navigate the process without becoming burned out, deflated or giving up altogether? If you’re a prospective first-time homebuyer hoping (or praying) home prices will decline in 2022, most experts agree: don’t count on it."If people are waiting for a price to decline, well, it’s not going to happen," Lawrence Yun, chief economist of the NAR, told FOX Television Stations. BRAMPTON, ON - MARCH 10: Houses continue to draw a premium price, as this recent SOLD sign shows. Inventory continues to be low which helps to drive up the prices for those looking to buy.

LOS ANGELES - It feels like a never-ending uphill battle for many homebuyers across the United States. "My experience with looking for a house has been frustrating," one Georgia resident told FOX Television Stations Group. "I have been texting my agent day and night to squeeze in a showing only for the house to go before I could even go see it." The woman, who desires a home in Atlanta, revealed, not too long ago, she put in an offer on a house above the asking price only to discover the seller went with someone else's offer who paid $200,000 over the asking price with no contingencies. "At this point, instead of being able to take my time to find a house that I truly like, I have resorted to finding one that is good enough because that’s all I can afford," she added.But this is only the tip of the iceberg for first-time homebuyers and likely not the first story you’ve heard, especially lately: tight inventory, multiple offers on rundown properties, houses selling for well over the asking price (sometimes by hundreds of thousands of dollars) and home renovations taking substantially longer than predicted due to low supply on flooring, cabinets, and, well, literally everything. "COVID has flipped our life upside-down, disturbed many aspects of everyday life, but the housing market [had] exceptional performance," Lawrence Yun, chief economist of the National Association of Realtors (NAR), told FOX Television Stations.

National Association of Realtors, the median existing-home price for all housing types in March 2021 was $329,100, up 17.2% from March 2020 as prices increased in every region. Prices rose in several cities, led by year-over-year gains of 17.4% in Phoenix, 17% in San Diego and 15.4% in Seattle. "The housing market is hot.