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Lawrence Yun

BUSINESS
September 25, 2009 | Peter Y. Hong
Sales of existing homes nationwide fell slightly last month from July's levels, but were higher than the same month a year ago, an industry group reported today. The median price for U.S. resale homes in August was $177,700, practically even with July's $178,400 median, but down 12.5% from August 2008, the National Assn. of Realtors said. It's not unusual for home sales to decline slightly from July to August -- that also happened for the previous three years. August sales fell 2.7% from July to a seasonally adjusted annual pace of 5.1 million units.
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BUSINESS
June 22, 2012 | By Tiffany Hsu, Los Angeles Times
Sales of existing homes slid 1.5% in May compared with April but were up substantially from a year earlier, and property prices climbed, the National Assn. of Realtors said. Last month, resales slipped to a seasonally adjusted annual rate of 4.55 million, down from 4.62 million in April but up 9.6% from May 2011, the group said. The median price soared to $182,600, up 7.9% from a year earlier, marking the third consecutive month with a year-over-year gain — the first trifecta since 2006.
BUSINESS
December 22, 2011 | By Alejandro Lazo, Los Angeles Times
The National Assn. of Realtors has revised sharply downward the number of homes it calculated were sold from 2007 to 2010, revealing a much weaker housing market than it had estimated. For 2010 alone, the trade group revised its estimate of home sales 14.6% lower than what it had previously reported — to about 4.2 million homes. Overall, sales and inventory reported by the group were reduced by 14.3% for 2007 through 2010, the association said Wednesday. The group gave several reasons for the revisions, including some sales that had been counted multiple times.
BUSINESS
October 28, 2013 | By Andrew Khouri
Signed contracts for previously owned homes fell sharply in September, an indication the rising cost of housing has sapped demand, according to a trade group.  The National Assn. of Realtors said Monday that its pending sales index fell 5.6% from a downwardly revised figure in August--the fourth consecutive monthly decline. Pending sales--which represent contracts signed, but not closed--reached the lowest level since December 2012. “Declining housing affordability conditions are likely responsible for the bulk of reduced contract activity,” the Realtors' chief economist Lawrence Yun said in a statement.  QUIZ: How well do you understand the Fed stimulus?
BUSINESS
February 28, 2014 | By Andrew Khouri
Pending home sales remained essentially flat nationwide last month, indicating that tight inventory and high prices continue to weigh on buyers. The National Assn. of Realtors said Friday that its pending sales index rose 0.1% in January from the month before to a reading of 95. Since January 2013, the index fell 9%. Lawrence Yun, the Realtors group's chief economist, said that severe weather across much of the U.S. held back sales, but that it wasn't the only factor. QUIZ: How much do you know about mortgages?
BUSINESS
August 21, 2013 | By Alejandro Lazo
Sales of previously owned U.S. homes rose in July, as more inventory hit the market and an increase in mortgage interest rates likely motivated buyers. Sales were up 6.5% from the prior month and 17.2% from the same month a year earlier. Homes sold at a seasonally adjusted annual rate of 5.39 million units last month, the National Assn. of Realtors reported Wednesday. The chief economist of the group, Lawrence Yun, said in a news release that in the short-term, sales will jump as people fear getting priced out of the market.
BUSINESS
June 22, 2012 | By Lauren Beale
DENVER -- What's considered normal in light of the housing downturn? Home price appreciation of 3% to 5%,  1.6 million household formations a year, and a 65% homeownership rate, according to three economists who offered their housing outlooks Friday at the annual National Assn. of Real Estate Editors conference. Major take-away: “The bottom will be as equally dramatic as the recession has been,” said Stan Humphries, Zillow's chief economist. Housing sales and price changes will vary considerably by geographic market and within those markets.
BUSINESS
June 27, 2013 | By Andrew Khouri
New contracts for homes rose to their highest level in more than six years last month, a positive sign as the resurgent housing market faces higher interest rates. The National Assn. of Realtors said Thursday its Pending Home Sales Index jumped 6.7% in May from a month earlier and is 12.1% higher over the year. The index represents contracts signed, but not closed. Home buyers looking to scoop up a home before interest rates rise could account for the significant increase in pending sales, Lawrence Yun, the association's chief economist, said.
BUSINESS
April 2, 2014 | By Tim Logan
The market for a place at the lake is hopping. Sales of vacation homes jumped nearly 30% in 2013, the National Assn. of Realtors reported Wednesda y, and second-home purchases made up their biggest share of the housing market since 2006. “Growth in the equity markets has greatly benefited high net-worth households, thereby providing the wherewithal and confidence to purchase recreational property,” said Lawrence Yun, NAR's chief economist, though he noted that vacation home sales remain one-third below their peak in 2006.
BUSINESS
April 29, 2013 | By Jim Puzzanghera
WASHINGTON -- New contracts signed for home sales rose 1.5% last month to the highest level in nearly three years, though limited supply is causing the market to level off, the National Assn. of Realtors said Monday. The trade group's Pending Home Sales Index rose to 105.7 in March, up from the previous month's 104.1 and exceeding analysts' expectations. Compared to a year earlier, the index was up 7% last month, marking the 23rd straight month of year-over-year increases. The last time the closely watched reading was as high was in April 2010 as people scrambled to sign contracts before the expiration of a special home-buyers tax credit.
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