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The U.S. economy slowed in the first quarter and job gains—while growing—lost some momentum. But with interest rates still low, residential sales steadily increased well into the spring. The surging dollar following the U.K. referendum to leave the European Union is expected to keep U.S. rates low. Ongoing volatility could help U.S. real estate in the short term.
The national median home price is steadily outpacing growth in household income, NAR data shows. To close the gap, home price increases will need to slow or household income will need to rise more quickly—or some combination of the two will need to happen.
Source: NAR Research