A top real estate economist just declared that the housing recession is over

• National Association of Realtors economist Lawrence Yun says the housing recession is over.
• NAR data released Thursday showed pending home sales rose 0.3% in June compared to May.
• "The presence of multiple offers implies that housing demand is not being satisfied due to lack of supply."

Pending home sales climbed in June by 0.3%, according to National Association of Realtors data released Thursday, prompting the group's chief economist to declare the end of the US housing sector's downturn.