The economic and housing forecast panel at the annual National Association of Real Estate Editors (NAREE) spring conference is always one of the most interesting and engaging sessions during the week.

This year’s session in Denver did not disappoint.

“A majority of consumers are still indicating that now is a good time to buy a home,” said NAR Chief Economist Lawrence Yun, who kicked off this morning’s panel. “Unfortunately, housing supply is too low and prices keep going higher. These affordability challenges will likely remain into next year as long as inventory fails to pick up.”

Yun’s presentation, “Affordability Challenges to Homeownership, was made in front of a packed house of real estate reporters and industry professionals. Here are the highlights:

Yun’s key remarks  #NAREE17:

  • The equity of homeowners has doubled since 2009.
  • Job creation in many areas is far outpacing housing starts.
  • Mortgage rates have fallen back to around 4 percent. This has somewhat helped preserve affordability this spring.
  • Home sales are running at a decade high and would be higher if there were more supply.
  • Homeowners’ credit profiles are healthy – minimal defaults.
  • There’s a mismatch in many areas between what’s for sale and what households can afford.
  • Affordability challenges will remain because of low housing supply.
  • Existing-home sales are expected to be around 5.60 million this year (up roughly 3 percent from 2016); home prices up 5.0 percent.

Message me ([email protected]) for Yun’s presentation slides.

Properties in Fort Hunt

1501 Shenandoah Rd

This home is being sold as-is & just needs to be made your own. Priced aggressively to give you room for renovations. Most Windows have been replaced, Recent replacements include Furnace, Hot water heater & roofing. Pretty Hardwood floors under carpet in original house not in addition. Basement can easily be finished. Bring an eye for renovation & a desire to be just minutes to Old town, GW Pkwy! [Hollin Hall Village - $449,900]

2312 William and Mary Dr

A great place and setting to call home. The views from the back of this house are simply magnificent.. Restful and relaxing-.Hardwood floor on main level. Fresh Paint-redone bathrooms and kitchen..screened in porch off the dining room. Driveway parking-non through street. Enjoy the restful but convenient location-Secluded but convenient.Shopping close by. Library and Hospital nearby. [Kirk - $587,500]

2763 Carter Farm Ct

Townhouse nestled in River Farms- nice peaceful community. Home has 4bd & 4ba on 3 finished levels. Kit w/Granite counters, Gas Range w/Center burner. Breakfast area has built-in shelves & leads to shaded deck w/flower beds. Lg Mst Bd has ensuite bath & Lg closets. Family Room is 21x12 w/Wet Bar, FP & adjacent bath. Community Pool, Tennis, Playgrounds. ice commute to DC or Ft Belvoir via GW Pkwy. [Huntington At Mt Vernon - $434,900]

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Aubrey Nesbitt

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Aubrey Nesbitt is a native of Northern Virginia who attended Virginia Commonwealth University. He is a veteran of the US Army and helps his family business by providing informational articles like this one. In addition to photography and blogging, Aubrey provides administrative support for the office.

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