A five-member panel of housing economists, speaking at the annual convention of the National Association of Real Estate Editors, said an inventory shortage of available homes for sale in the United States is likely pushing prices skyward.
Lawrence Yun, chief economist of the National Association of Realtors, attributed home price growth to a lack of inventory, especially in high-priced coastal areas like New York, Miami and San Francisco.
“Inventory shortage is grossly inadequate,” said Yun, addressing the 50th annual NAREE conference at Harrah’s Hotel in New Orleans, Louisiana.
The conference, which took place on June 8 to 12, brings together the nation’s leading real estate journalists and housing leaders.
“One thing holding back the market is supply,” said Jonathan Smoke, the chief economist of Realtor.com. “Inventory continues to be constrained despite demand.”
Meanwhile, CoreLogic’s deputy chief economist Sam Khater said it’s a myth that millennials are the dominant U.S. home buyers flocking to cities and urban areas. Instead, Khater said, many millennials are saddled with student loan debt and are largely putting off home purchases.
The other two economists on the economic forecast panelists were Brad Hunter with HomeAdvisor and Svenja Gudell of Zillow.
The conference also recognizes the nation’s leading real estate journalists. RealtyTrac’s Housing News Report was named one of the nation’s leading real estate newsletters.
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