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Lawrence Yun, Chief Economist, NAR, 11.15.23
Provided His Real Estate Insights This Week...
- Builders up 5% in newly constructed home sales year to date 2023
- Builders can simply create needed inventory
- Builders are really benefiting in a housing shortage environment
- 30-year Fixed Rate to be 6%-7% by early spring 2024
- New sales expected to be up 19% in 2024
- Existing sales expected to be up 13% in 2024
- Pent-Up Sellers Cannot Wait Any Longer (2024 to 2025):
- 7 million new-born babies
- 3 million marriages
- 1.5 million divorces
- 7 million turn 65 years old
- 4 million deaths
- 4 million net new jobs
- 50 million job switches
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