After last week’s report of a solid 4.4 percent jump in existing-home sales in March, signed contracts to purchase homes split the other way, inching backward 0.8 percent.
The reason, according to NAR Chief Economist Lawrence Yun, is simple: too few homes for sale to match the sizable demand this spring to buy a home. Properties are selling much faster than a year ago, prices continue to climb, and in most markets, lower priced homes have the stiffest competition.
Watch as Adam DeSanctis, NAR Media sat down with Lawrence to discuss his thoughts on current housing conditions and how two recent White House announcements could impact the housing market. Watch below: