National Association of Realtors® President Elizabeth Mendenhall released the following statement regarding President Trump’s nomination of Kathy Kraninger as the next director of the Bureau of Consumer Financial Protection:
“In addition to working at the Office of Management and Budget alongside Bureau of Consumer Financial Protection Acting Director Mick Mulvaney, Kathy Kraninger has decades of experience on Capitol Hill and with previous administrations. The National Association of Realtors® wishes Ms. Kraninger well during the confirmation process and look forward to working with the Bureau going forward.”
Existing-home sales fell back in May for the second straight month; sales fell 0.4 percent to seasonally adjusted annual rate of 5.43 million in May from a downwardly revised 5.45 million in April.
Lawrence Yun, NAR chief economist, says a solid economy and job market should be generating a much stronger sales pace than what has been seen so far this year.
“Closings were down in a majority of the country last month and declined on an annual basis in each major region,” he said. “Incredibly low supply continues to be the primary impediment to more sales, but there’s no question the combination of higher prices and mortgage rates are pinching the budgets of prospective buyers, and ultimately keeping some from reaching the market.”
The median existing-home price in May was $264,800, an all-time high, and the 75th straight month of year-over-year price gains. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage also increased for the seventh straight month to 4.59 percent in May.
The following is NAR Chief Economist Lawrence Yun’s reaction to this morning’s release from the U.S. Commerce Department on May new home construction:
“New home construction activity soared to its highest level in over a decade, which is fantastic news as more housing inventory will be available as the year proceeds. Moreover, construction and real estate industry jobs are being created and boosting the economy. GDP growth of 4 percent to 5 percent is possible in the second quarter, as a result. The Midwest region experienced the biggest gain and hence the region will remain more affordable. The more unaffordable West region will continue to experience an intense housing shortage, as both housing permits and housing starts fell in that region. For the country as a whole, an additional 20 percent to 25 percent gain in home construction is needed to make the market more balanced.”
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