Recession Speaking 2017. HRC Email Algo. Jim @mctaguej, Barron’s. @timkhiggins, Bloomberg Businessweek.
(Photo: Blackstone President James sees a potential U.S. recession in 2017 )
Recession Speaking 2017. HRC Email Algo. Jim @mctaguej, Barron’s. Tim Higgins, Bloomberg Businessweek.
“…April’s uptick to the highest level since January follows a choppy first quarter that saw sales tumble in February then partially recover in March. Despite healthy job growth, wage increases haven’t been keeping pace with home price appreciation in many desirable markets, stymieing some first-time home buyers and those at the lower end of the market.
But demand continues to grow, especially in more affordable regions like the Midwest. Across the U.S., April’s sales were 6.0% higher than April a year ago. March’s sales pace was revised up slightly to 5.36 million. NAR predicts the pace of existing-home sales to rise 3% this year to 5.41 million.
“ Still, affordability remains a key issue. The national median sale price for a previously owned home last month was $232,500, up 6.3% from a year earlier, marking the 50th straight month of year-over-year gains. Prices are rising at a far faster rate than most workers’ wages -- average weekly earnings adjusted for inflation rose just 1.3% in April from April 2015….”