Wall Street Journal staffer Laura Kusisto covered National Association of Realtors chief economist Lawrence Yun's keynote address at the NAR convention this past Friday in San Diego.

The big honkin' conclusion here is that stiff headwinds--high prices, rising rates, and income-challenged buyer prospects--will suppress momentum in housing's recovery next year, although some growth will continue. Kusisto writes:

More than 5.4 million existing single-family homes will be sold in 2016, up from an estimated 5.3 million homes sold in 2015.

Of course, new home sales have a more direct impact on the economy and job formation, since people who are buying new homes tend to buy far more associated goods to furnish their new homes. It's a bigger multiplier effect.

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