Despite Headwinds, Existing-home Sales Will Pick Up
Most Americans still aspire to own a home, with over 70% of renters preferring ownership, according to a Federal Reserve Bank of New York survey. At a recent industry forum, NAR Chief Economist Lawrence Yun acknowledged the challenges facing buyers, noting that 2023 and 2024 saw the lowest home sales in three decades due to limited affordable inventory and delayed interest rate cuts. Real estate professionals continue working to help turn this widespread aspiration into reality despite these hurdles.
