{"id":18740,"date":"2022-05-24T11:50:09","date_gmt":"2022-05-24T16:50:09","guid":{"rendered":"https:\/\/theamericangenius.com\/housing\/?p=18740"},"modified":"2022-05-25T12:01:30","modified_gmt":"2022-05-25T17:01:30","slug":"nar-chief-economist-predicts-housing-market-uncertainty","status":"publish","type":"post","link":"https:\/\/theamericangenius.com\/housing\/big-data\/nar-chief-economist-predicts-housing-market-uncertainty\/","title":{"rendered":"NAR Chief Economist predicts housing market uncertainty"},"content":{"rendered":"

The housing market is booming. Many experts are concerned about another bust like we experienced in 2008, but the conditions are much different today. Homeowners aren\u2019t extended like they were when the market crashed in 2008. National Association of Realtors\u00ae Chief Economist Lawrence Yun suggests that the housing market is still uncertain<\/a>, even though he says, \u201chousing kept the economy afloat\u201d during the pandemic.<\/p>\n

What is impacting the housing market?\u00a0<\/strong><\/p>\n

Yun cites record-low inventory and inflation as \u201ccurveballs\u201d to the housing market. Many economists, including Yun, have been concerned about low inventory for many years, especially in certain markets. Even though builders are working hard to construct new residences, supply chain and labor issues are not accelerating the process.<\/p>\n

Yun is more concerned about inflation impacting the housing market. He says,<\/p>\n

\u201cwages have risen by 6% from one year ago\u2026but inflation is 8.5%.\u201d<\/p><\/blockquote>\n

Rising mortgage rates have made mortgages cost $300 to $400 a month more, according to Yun. Many working families can\u2019t afford that. Yun predicts inflation is going to be high for several months. The market will slow as the Federal Reserve raises rates.<\/p>\n

Yun also cites the Russia-Ukraine war as another contribution to the uncertainty of the market<\/a>. The war is also driving inflation, not just overseas, but in the United States. With gas prices climbing higher each week, this is impacting the housing market.<\/p>\n

Is real estate a good investment in this market?<\/strong><\/p>\n

Last year, when Yun opened the Residential Economic Issues & Trends Forum at NAR\u2019s annual REALTOR\u00ae Conference & Expo in San Diego, he expected the \u201chousing sector\u2019s success to continue,\u201d but he did suggest that 2022\u2019s performance wouldn\u2019t exceed 2021s.<\/p>\n

\u201cRising rents will continue to place upward pressures on inflation,\u201d he said. \u201cNevertheless, real estate is a great hedge against inflation.\u201d<\/p><\/blockquote>\n

There\u2019s a lot we don\u2019t know about the future. It\u2019s disappointing to think that the housing market may be uncertain, but real estate is still a good investment.<\/p>\n","protected":false},"excerpt":{"rendered":"

(BIG DATA) Warning bells on the housing market have been ringing for over a year. While this prediction isn’t a surprise, it’s disappointing news. <\/p>\n","protected":false},"author":337267,"featured_media":12093,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"wds_primary_category":0,"footnotes":"","jetpack_post_was_ever_published":false,"_links_to":"","_links_to_target":""},"categories":[91],"tags":[507,263,1234],"class_list":["post-18740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-big-data","tag-housing-market","tag-nar","tag-real-estate-news"],"jetpack_featured_media_url":"https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2017\/08\/housing.jpg","jetpack_sharing_enabled":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/18740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/users\/337267"}],"replies":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/comments?post=18740"}],"version-history":[{"count":1,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/18740\/revisions"}],"predecessor-version":[{"id":18741,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/18740\/revisions\/18741"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media\/12093"}],"wp:attachment":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media?parent=18740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/categories?post=18740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/tags?post=18740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}