B
OULDER — The residential real estate industry is just getting started, according to National Association of Realtors chief economist Lawrence Yun. He likened the current market conditions to the early innings of a baseball game, with many challenges yet to be overcome.

    Yun was speaking at BizWest's Boulder Valley Real Estate Conference, where he addressed the impact of recent changes in commission rules resulting from a lawsuit settlement. However, his comments could have applied to several aspects of the industry that require professionals to adapt to shifting circumstances.

    Rising interest rates and low inventory have significantly affected business activity over the past few years, Yun said. He noted that mortgage rates will not return to pre-2020 levels anytime soon.

    The industry is also grappling with concerning trends related to age and homeownership, as young people delay buying their first homes. Yun emphasized the importance of homeownership in building wealth: "If you want to have wealth in America, you have to own a piece of America."

    Looking ahead, Yun cited potential concerns about tariffs and the national debt, which could impact businesses tied to interest rates. He also noted that the country is still recovering from the COVID-19 pandemic, with spending habits reflecting an ongoing sense of emergency.