The US will probably avoid a recession after all – and that could be bad news for buyers who are being priced out of a frustratingly unaffordable housing market, according to National Association of Realtors chief economist Lawrence Yun.
Yun pointed to the robust labor market, with the economy adding 209,000 in June, only slightly lower than in previous months. Inflation, meanwhile, has cooled significantly from its 41-year-record last June, with prices accelerating just 3% year-per-year. That could mean a longer waiting game for homebuyers, as the higher fed funds rate influence higher mortgage rates.
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