New housing data reveals some surprises and opportunities for REALTORS®

In his mid-year housing forecast, National Association of REALTORS® Chief Economist Lawrence Yun revealed some surprising shifts in the housing marketplace nationwide, that reveals a new series of challenges and opportunities for REALTORS®. Despite a series of national headlines regarding price corrections and interest rate hikes, Yun believes there is a much different story when you break down the data.

New Data

Changes in the Marketplace

For the first time, the national data reveals key changes that can present new opportunities for REALTORS®. Yun says these developing changes may challenge a few traditional beliefs that have stayed consistent for decades. Among these changes:

Overall, Yun believes we will see a slight regression in overall prices and sales for 2023, but remains optimistic for increases in 2024 with lower interest rates and new emphasis on housing construction. He also predicts housing rents will see an increase this year, with stabilization more inline with the Consumer Price Index in 2024.