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NAR: “The Home Price Growth Is Too Fast”

Posted By Jonathan Miller On July 1, 2013 @ 11:30 am In Brokers, Agents, MLS, NAR,Elliman Reports | Comments Disabled

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When I saw this quote by Lawrence Yun, NAR chief economist [2] 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.

My reaction:

  1. I agree that price growth is too fast. Incomes are stagnant.
  2. This partially makes up for him classifying the housing slowdown as temporary [3] back in 2007.
  3. When someone who is generally biased towards the positive, goes negative, that’s a red flag.

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[1] Image: http://www.millersamuel.com/files/2013/07/NARlogo.png

[2] Lawrence Yun, NAR chief economist: http://www.realtor.org/news-releases/2013/06/existing-home-sales-rise-in-may-with-strong-price-increases

[3] temporary: http://matrix.millersamuel.com/?p=1367

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