Over 200 real estate journalists and industry pros came to muggy New Orleans this week for the 50th annual National Association of Real Estate Editors (NAREE) conference.
Attendees heard from real estate experts and economists on a plethora of timely subjects, including housing affordability, technology, luxury real estate and much more.
Arguably the most anticipated session was a mid-year economist forecast panel held earlier this morning. Lawrence Yun, NAR chief economist, and other housing economists gathered to share their housing and economic outlook.
According to Yun, the housing market has performed remarkably well so far this year despite minimal economic growth and affordability pressures.
During his remarks, he presented both an optimistic and pessimistic view of what to expect in coming months. The positives? Increases in contract activity and continued pent-up demand for buying should mean rising home sales this year.
On the other hand, Yun said the frustrating trend continues to be the falling homeownership rate, particularly among young adults. Despite their desire to buy, prospective millennial buyers are being held back by student loan debt, limited inventory in their price range and home prices that are rising too quickly in many metro areas.
Here’s Yun’s outlook for the rest of the year and into 2017: