My one-hundredth-and-thirty-eighth YouTube video “Trend of the Week:Housing market cools” went up today.
We’re seeing some of the first effects of the Fed’s increase in interest rates in the cooling of the housing market. In Austin, for example, the percentage of active listings with price cuts has increased, and we have seen the lowest number of new purchases since the start of the pandemic. Since many American families have a large portion (or all) of their wealth stored in their home, housing prices have a big effect on consumer spending. The Fed expects to see that slow consumer spending, which would help to control inflation.
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Here’s the link:
