The Daily Money: What slowdown? Housing prices are still climbing
It's Thursday, the first day of September. And not to be a downer, but 2023 is in four months. It's Brett Molina ready with your Daily Money headlines for "Friday Eve."
Labor Day weekend is close, which means many Americans will hit the road for that last taste of summer before fully immersing themselves into fall.
But what about gas prices? First, the bad news. You're paying more than you did last year. As of Wednesday, the national average was $3.84 a gallon, according to AAA. Last year, we paid $3.15 on average.
The good news: gas prices have been steadily declining since topping $5 nationally in June. Also, experts don't anticipate prices spiking before your road trip.
House prices still high despite slowdown
The housing market is slowing down. Experts are debating whether we're in a recession or correction, and yet home prices are still higher compared to last year. The current median average time for a home on the market in July was 14 days, slightly better compared to 17 days a year ago, says the National Association of Realtors (NAR). Also, the median existing-home price for all housing types in July was $403,800, up about 10.8% from last year. For sellers? Fun times. Not so much for buyers, though.
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About The Daily Money
Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.
Follow Brett Molina on Twitter: @brettmolina23.