Lawrence Yun, NAR chief economist, said the dip in contracts may be due to temporary factors. The pullback in contract signings is disappointing and implies a slower than expected market recovery in.
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The dip, however, has yet to account for housing-market elements that encourage purchase activity, such as lower mortgage rates, NAR chief economist Lawrence Yun said. "Though the latest monthly figure shows a mild decline in contract signings, mortgage applications and consumer confidence have been steadily rising," Yun said.
"You may see a temporary pause in the market conditions but as long as Dallas continues to create jobs, buyers will be back in the market." D-FW in the last five years has created more new. sign of.
Home Purchase Contracts The number of contracts to purchase previously owned houses plunged 30 percent in May after a homebuyer tax credit expired, the National Association of Realtors. chief.
Existing-home sales jumped a stronger-than-expected 4.9% in May from the prior month, according to the National Association of Realtors, as an improving job market and temporary dip in mortgage.
Anthony Chan, chief economist at J.P. Morgan Private. Other economic news added to investors’ concerns. The National Association of Realtors said the number of buyers who signed contracts to.
Lawrence Yun, NAR chief economist: "The stock market correction hurt consumer confidence, record high home prices cut into affordability and mortgage rates were higher in October and November for.
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David Crowe, chief economist of the National. disagrees. "To sign a contract for a house and then walk away from it runs counter to everything we were taught," says Sharga, who predicts.
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A forward-looking indicator of home sales rose to its highest level in more than nine years in May, a sign the. spring," NAR chief economist Lawrence Yun said. Last week, NAR reported a sharp.