Economy Expands in May—Where Does Housing Stand?

Economy Expands in May—Where Does Housing Stand?   

The economy in May remained on a soaring streak, with a lift in jobs and the lowest unemployment in years. The expansion is a help for the housing market, but is it enough to relieve supply woes?  “With the unemployment rate falling to 3.8 percent—the lowest in 18 years—wages are picking up, but more home construction is needed to better satisfy the rising demand,” said Yun. “Otherwise, the housing shortage will push up home prices out-of-reach, even for households with good stable jobs.”