Instant reaction: NAR’s Lawrence Yun on Case-Shiller

The following is NAR Chief Economist Lawrence Yun’s reaction to this morning’s S&P/Case-Shiller release on November home prices:

“The softening home price appreciation in the latest Case-Shiller index will continue in the upcoming months as housing inventory builds. But it is unlikely for the national median home price to actually decline given the housing shortage of moderately priced homes and from job additions in the economy.  In 2019, home prices in many markets look to trail income growth for the first time since 2012. That is a healthy development of keeping housing affordability in check.”