NAR 2017 Home Sales Forecast Downgraded

Blame supply and affordability headwinds and Hurricane Harvey damage in Houston for August’s 2.6 percent decline in pending home sales.

In the video below, I chat with NAR Chief Economist Lawrence Yun about why sales have stalled in recent months, why he’s now expecting 2017 sales to come up short of 2016, and what impact the Federal Reserve’s plan to unwind its balance sheet will have on mortgage rates and affordability headed into next year.