National Association of Realtors (NAR) Chief Economist Lawrence Yun recently spoke at the association’s virtual 2020 Realtors Conference & Expo, during a forum on “Residential Economic Issues & Trends.”
Noting that 2020 had been a year of surprises, Yun said particularly surprising was the strength of the housing market during a global pandemic.
“This winter may be one of the best winters for sales activity,” Yun said. “It won’t match summer or spring sales numbers, but on a winter-to-winter comparison, this could be one of the best breakout years just based on the fact that pending contracts are at such a higher level.”
Mortgage applications are up some 20 percent from a year ago, reflecting