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Realtor Chief Economist Forecast: No Bubble

November 6th, 2018 by Michael Mahoney

Realtor Chief Economist Forecast: No Bubble

Lawrence Yun - Chief Economist for the National Association of Realtor

The economy remains strong, and housing will continue to see stable growth, Lawrence Yun, chief economist for the National Association of REALTORS®, predicted Friday at the REALTORS® Conference & Expo in Boston.

NAR Chief Economist Lawrence Yun
© REALTOR® Magazine

NAR Chief Economist Lawrence Yun told attendees at the REALTORS® Conference & Expo in Boston that another recession is unlikely in the short-term future because economic fundamentals are healthy.

Yun forecasted about 6 million new- and existing-home sales by the end of 2018 and slightly more than that each year for the next two years. Home prices will also see modest growth—about 4.7 percent this year, 3.1 percent in 2019, and 2.7 percent in 2020.

Yun said he sees no signs of a housing bubble, even though home prices have been outpacing income for many years. That’s because the economy remains fundamentally sound, mortgage quality is high, and with inventory shortages persisting in some markets, there’s none of the overbuilding that characterized the run-up to the Great Recession.

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