This week, Byron Lazine and Nicole White discuss NAR chief economist Lawrence Yun’s recent testimony to Congress and 2022’s biggest residential real estate transactions (so far).
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Byron Lazine and Nicole White are two agents in Connecticut who give us their thoughts on the week’s news every Friday in “The Real Word,” a weekly video column on Inman.
Byron Lazine and Nicole White began this week’s episode by discussing Lawrence Yun, chief economist from the National Association of Realtors, and his recent testimony on housing inventory shortages and their impact on affordability. Like Yun, Lazine doesn’t see a drop in prices unless there is more supply, especially as 1 in 4 buyers are investors right now.
In addition, rising rates are dampening the buyer pool, both for first-time homebuyers and for sellers who would lose their current low interest rate if they sell and then buy.
Next, Lazine and White discussed a recent article by Lillian Dickerson on the priciest real estate deals of 2022 thus far. Topping the list was 220 Central Park South, which sold for $190 million in January. The buyer was not identified, and the sale was completed off-market. Deborah Kern from The Corcoran Group represented the seller.