When I saw this quote by Lawrence Yun, NAR chief economist two weeks ago in the Existing Home Sale Press Release, I was surprised. I didn’t write about it but ran into someone a few days ago who pointed out the same thing so I was inspired.
The home price growth is too fast, and only additional supply from new homebuilding can moderate future price growth.
- I agree that price growth is too fast. Incomes are stagnant.
- This partially makes up for him classifying the housing slowdown as temporary back in 2007.
- When someone who is generally biased towards the positive, goes negative, that’s a red flag.